Excellent post by Henry ate the Croked Timber about the likely failure of technocracy in European Union (and the relevance of democracy). I do really think that everyone should read the post, although it may be quite hard for non initiated in economics and people who has not followed European politics and economy in the last year.
update: Henry said:
“they are very smart, and very sincerely believe that the best path to long term prosperity is through enforced austerity. ”
And commenters are asking how smart people can do something so stupid.
The whole point of Henry, I think, is that in spite of your intelligence, it will only be useful to increase your knowledge of something if you can use it to clearly distinguish what’s true of what is not. In instances of reality in which there is so much noise that no matter how brilliant you are, your knowledge will not translate into better understanding of the world, the feedback mechanisms of democracy are much better to avoid big mistakes than the decision of a bunch of smart technocrats.