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December 2, 2014

Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review June 25, 2008 / 22 Sivan 5768

Problem of ignorance

By Walter Williams


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http://www.JewishWorldReview.com | I have no idea of the number of traffic signals in our country, but whatever the number, how many of my fellow Americans would like the U.S. Congress to be in charge of their operation? Congress, or a committee they authorize, would determine the length of time red stays red and green stays green and what hours of the day they can be flashing red. Or, how many Americans would like Congress to be in charge deciding what items, in what quantities, your local supermarket has on its shelves? Right now the average well-stocked supermarket carries somewhere between 50,000 and 60,000 different items. Do we really need such a choice in light of the fact that several decades ago Americans made do with just 10,000 different items? Would you also want the government agency that delivers our mail to also manage delivery of items to supermarkets?


You say, "Williams, where are you headed with this?" Nobel Laureate Friedrich Hayek, one of the greatest economists of the 20th century, called it a fatal conceit for anyone to think that a single mind or a single committee can somehow do things better than the spontaneous, unstructured, complex and creative forces of the market. The big problem in any system, whether it's an economic, biological or ecological system, is information, communication and control. For congressmen, or a committee they select, to take over control of the nation's traffic signals requires a massive amount of information that they cannot possibly possess such as traffic flows at intersections, accident experiences and changes in peak and low peak traffic patterns.


The same information problem exists at the supermarket. Consider the challenge we give supermarket managers. We don't tell them in advance when we're going to shop, what we're going to buy and how much, but if they don't live up to this challenge, we're going to fire them by taking our business elsewhere. The supermarket manager does a fairly good job doing what's necessary to meet that challenge. You can bet the rent money that Congress couldn't begin to produce such a satisfactory outcome.


You say, "C'mon, Williams, nobody's proposing that Congress take over the nation's traffic signals and supermarkets!" You're right, at least for now, but the information problem exists in all areas of our lives. Right now Congress tells each American how much should be set aside out of his weekly paycheck for retirement. How can they have the information to know what's the best use for the $70, or so, taken from you and put into Social Security? Might you benefit more by saving that money to start a business, purchase tutoring lessons for your children, or putting it in a private retirement plan? Unlike congressional control of traffic signals and supermarkets, the effects of Social Security aren't apparent because we don't have the information about what people would have been able to accomplish if they were able to keep more of their earnings.


You might argue that saving for retirement is important, but so is saving for a home or your children's education. Would you want Congress to force us to put money aside for a home or our children's education? Oblivious to the huge information problem in the allocation of resources, the people in Washington have confidence that they can run our lives better than we can. Charles Darwin wisely noted over a century and a half ago that "ignorance more frequently begets confidence than does knowledge." Suggesting that Congress is ignorant of the fact that knowledge is highly dispersed, and decisions made locally produce the best outcomes, might be overly generous. They might know that and just don't give a hoot because it's in their political interest to centralize decision-making.


Thomas Jefferson might have had the information problem in mind when he said, "Were we directed from Washington when to sow, and when to reap, we should soon want bread."

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© 2006, Creators Syndicate.

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