Can Visionaries Like Musk And Milei Prevail?
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As an economist, one of the simple principles I rely on to analyze policies is that incentives matter. Over the past century, as the size and scope of government have expanded, so has the power of the bureaucracy—the unelected officials who administer state affairs. Their incentives and another core principle, self-interest, help explain how and why this growth continues. Elon Musk, chief executive officer of Tesla Inc., holds a chainsaw gifted to him by Javier Milei, … More Argentina’s president, not pictured, during the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, US, on Thursday, Feb. 20, 2025. The Conservative Political Action Conference launched in 1974 brings together conservative organizations, elected leaders, and activists. Photographer: Will Oliver/EPA/Bloomberg © 2025 Bloomberg Finance LP I witnessed firsthand the rise and corrosive impact of an expanding state in my native Argentina. After moving to the United States four decades ago, I observed similar dynamics here: entrenched bureaucrats gaining immense power, with strong incentives to protect and preserve their influence. Viewed objectively—through the lens of incentives and self-interest—the system seemed rigged. Over time, bureaucracy appeared destined to prevail over elected leadership. Then, during these last years, came a surprise: two highly unconventional figures—Javier Milei, the newly elected president of Argentina, and Elon Musk, one of the most transformative entrepreneurs of our time—burst onto the political and economic scene. Steve Forbes often jokes about forecasts, “The only thing we know about the future is that it will be different.” While we can forecast economic trends with some confidence, it is impossible to forecast the appearance of a Javier Milei or an Elon Musk on the political scene. Both men share traits of exceptional intelligence, intense focus, and a propensity to challenge traditional social norms. Yet each has earned his way into the center of…
Filed under: News - @ May 23, 2025 12:29 pm