from National Review, Checkmate: The Economic Chess Masters Play a Losing Game by Kevin Williamson:
That the Obama administration is foundering from an economic-policy point of view is not news. Barack Obama & Co. represent the very freshest and most imaginative thinking of the 1930s — stimulus, public works, monkeying with the minimum wage, political favoritism for union constituencies, the ancient superstition that simply putting money in somebody’s pocket makes the nation richer through the miraculous power of the economic multiplier, etc.
What about the knowledge to use that awesome power effectively? There’s an old joke about an engineer, a priest, and an economist trapped at the bottom of a deep pit: The engineer looks for a way to get a handhold on the wall, the priest prays for deliverance, and the economist says, “No problem. First, assume a ladder.” Assume you know what the balance of trade in sugar should be, assume you know what McDonald’s fry guys should earn per hour, assume you know what the mix of energy sources used in electricity generation should be . . .
Those assumptions are running up against a persistent and unpleasant reality just now.
Read more at: http://www.nationalreview.com/article/425012/economic-policymaking-obama-1930s