Originally published on July 11, 2013
Speaking about government guarantees and especially “protections” (regulations) like Dodd-Frank, George Gilder enumerated the following Law:
“A fundamental principle of information theory is that you can’t guarantee outcomes… in order for an experiment to yield knowledge, it has to be able to fail. If you have guaranteed experiments, you have zero knowledge”
~ George Gilder in an Interview with Dennis Prager about his book, Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World.
From video description:
Across the Atlantic, Americans see European economies faltering under enormous debt, overburdened welfare states, governments controlling close to fifty percent of the economy, high taxation, heavily regulated labor markets, aging populations, and large numbers of public sector workers. They also see a European political class that is unable — and, in many cases, unwilling — to implement economic reform.
This timely and sobering video explains why Americans cannot ignore the “canary in the coalmine” across the pond in determining our future. We must ask the question: “Is America becoming Europe?”
To learn more read Dr. Samuel Gregg’s Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future.
“This is a book that every economist, historian, and politician should read.” ~ Amity Shlaes, syndicated Bloomberg News columnist
“Europe is a terrifying example of what happens when the state gets too large and the money runs out. Don’t imagine that it couldn’t happen to you.” ~ Daniel Hannan, British Conservative Member of the European Parliament