It has long seemed to me that there is far more rationality in sports, and in commentaries on sports, than there is in politics and in commentaries on politics. What has puzzled me is why this is so, when what happens in politics has far more serious effects on people’s lives.
To take one common example, there are many people who believe that if the market fails, the government should step in. But, if Robinson Cano strikes out, does anyone suggest that the Yankees should send in a pinch hitter for him on his next time at bat?
Everyone understands that a pinch hitter can also strike out, and is less likely than Cano to get a hit or a home run. But the very possibility that the government can fail when it steps in to substitute for a failing market seldom occurs to many people. Even among some economists, “market failure” is a magic phrase that implies a need for government intervention.
We could argue about the empirical evidence as to when government pinch-hitting is better or worse. But there is seldom even an argument at all in some quarters, where government intervention follows market failure as the night follows the day.
Milton Friedman once pointed out, “A system established largely to prevent bank panics produced the most severe banking panic in American history.” Many other examples could be cited where government intervention made a bad situation worse.