Here’s the latest from the VIPs (Valuable Intellectual Properties) over at National Review:
“There is a story, perhaps apocryphal, that Milton Friedman was touring the Chinese countryside when he came upon a government project where workers were digging a canal. Friedman was surprised that instead of bulldozers and modern earth-moving equipment, the workers were using shovels and wheelbarrows. Thinking this was remarkably inefficient, he asked the bureaucrat in charge of the project why this was so. “You don’t understand,” the bureaucrat responded. “This is a jobs program.” “Oh,” Friedman replied, “I thought you were trying to build a canal. If jobs are all you care about, take away their shovels and give them spoons.”
One wishes that Mitt Romney would display a bit of Friedman’s common sense in responding to the silly controversy over outsourcing at Bain Capital companies. Instead of defensive technical explanations about when he left the active management of Bain Capital, Romney should point out the central fallacy of Obama’s argument. Contrary to the president’s complaints, outsourcing is generally good for America.” . . .
There is a reason, after all, why LeBron James doesn’t mow his own lawn. Even if he were the world’s best lawn mower, his talents are much more valuable directed elsewhere. It is what David Ricardo referred to as “comparative advantage.”