Misplaced Genius

Andy Grove is a genius engineer and a true captain of industry (retired). But his article suggesting how to fix the American economy illustrates an important point: just because someone excels in one field, there’s no reason to believe they are particularly good in another. His suggestions ignore many fundamental insights of economics and, if implemented, would undoubtedly lead to lower living standards for Americans. His ideas aren’t new – in fact, they are ancient. We now know, both from bitter experience and economic theory, that protectionism in an attempt to “save jobs” takes us no place good. Andy should stick to his knitting.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: