Saturday, October 11, 2014

Up In Smoke

One of my favorite economists, Don Boudreaux has an interesting post at his superb blog, Cafe Hayek.  He responds to a NYTimes article showing how the massive tobacco/cigarette industry settlement with the federal government years ago did not come close to fulfilling its stated intentions.  Why? Because government bureaucrats and officials are corrupt and incompetent.  And he's right on target. Here's Boudreaux:
Shocker.  Fine pronouncements and loud boasts from 16 years ago about irresponsible tobacco companies finally being held accountable by responsible (!) government officials are proven false – all up in smoke – and in ways that yet further reveal the explanatory power of public-choice economics.  Isn’t the miracle in the government-intervention formula supposed to prevent such shenanigans?  Maybe next time the miracle will finally work!  Or is government incurably cancerous?
The answer to his rhetorical question? Absolutely.  By the way, you can access the NY Times article via the link above.