Via Gay Patriot,

From Zero Hedge,

“Governments are good at creating work, but they are not good at creating value-generating jobs,” is the conclusion from this insightful 3-minute clip from Professor Steve Horwitz. Too often the jobs that politicians ‘create’ are simply to their own benefit. Critically, Horwitz explains that transitions (from agriculture to manufacturing to service to information for instance) are temporarily painful but relatively quickly re-allocated. If, however, politicians attempt to prevent this transition – to stall the free market’s signals – this will halt innovation, growth, and create more poverty (ring any bells). Creating meaningful valuable jobs (something we saw earlier today is not occurring) does not appear too complex – “the best job-creation program in human history is the free market and the entrepreneurship it generates” – it simply means our politicians must get out of the way.

Video description:

President Franklin Roosevelt’s “New Deal,” has long been credited with rescuing the nation from the Great Depression of the 1930’s. Lee Ohanian, Professor of Economics at UCLA, challenges this conventional wisdom in a provocative examination of FDR’s economic policies.