The Republic’s Robert Robb penned a great article recently in which he said:
While these two high-visibility projects [First Solar in Mesa, and Apple/GT Advanced Technologies at the same location as First Solar] were going bust, there were 124,000 jobs added in the Valley. Virtually all of them were created by companies you’ve never heard of. Politicians didn’t issue press releases or hold press conferences to take credit for what they did. The economic development bureaucrats didn’t shower them with subsidies. They just went about the grind-it-out business of trying to meet perceived market needs.
A $210 billion economy isn’t going to be meaningfully affected by the pretentions and exertions of our politicians and economic development bureaucrats directed at individual companies or particular locations. Only broad-based policies that affect all economic actors can have a measureable influence. We can debate what kinds of broad-based policies would be best, but that’s the real game, not the give-away sideshows.
F.A. Hayek [economist, philosopher] called the notion that elites – whether political, academic or non-profit – could direct an economy “the fatal conceit.” Rarely has the conceit been as thoroughly exposed as with the serially breathless proclamations about this particular site.
Hayek also said:
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
I’ll mark that as ScottsdaleTrails Quote of the Day. Couldn’t have said it better myself, so I’ll leave it at that. Thanks MK for pointing me to the article.