We were told [at the Council of Economic Advisers to the President that]… you can’t make policy based on economic theory. … It was clear they weren’t willing to listen to an analytical argument. …
You can go all the way through the regulatory aspects of the government, and you just see that the basic choices are getting filtered out by some other mechanisms than what I would call economic sense.
And the role of the economist there is a stopgap—keep them from doing something completely dumb, just completely dumb.
Utopia, you are standing in it! 
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