Writing in the WSJ yesterday (subscription req'd), Karl Rove takes both major party presidential nominees to task for their frequent aversion to the notion that a free society should allow market mechanisms to appropriately allocate its scarce resources. A particular target of the candidates is the behavior of certain energy firms.  (In a grand rhetorical flourish, Rove even goes as far as to invoke the name of Joseph Shumpeter, coiner of the term "creative destruction," an obscure reference that would make any Austrian proud.) 

Two thoughts come to mind:

1) If what we're hearing from the candidates is an accurate reflection of the type of thinking on economic policy we have to look forward to for the next 4 (or 8) years, maybe some of the more dire forecasts floating around out there are not as exaggerated as we had thought.

2) Where was this degree of clarity and eloquence on these matters from the author when he was advising the sitting president?


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