In this AIER article, Jon Miltimore asks how 108 economists could have been so utterly wrong about the impact of Javier Milei’s laissez-faire reforms in Argentina.

He writes,

The threat was a chainsaw-wielding disciple of Austrian economics from Argentina who embraced laissez-faire economics. The predictions of doom came not from Old Testament prophets, but 108 economists who signed a public letter saying his anachronistic ideas had long ago been discredited.

“As economists from around the world who are supportive of broad-based economic development in Argentina, we are especially concerned by the economic program of one of the candidates, which has become a major issue of discussion in the national election,” the letter read.

I think those economists were engaging in wishful thinking.  They desperately want reforms that pare down the cost and power of central governments to fail so they can say, “We told you so.”

Miltimore quotes an economist who is in the camp of that anachronistic fellow, Adam Smith:

“Their understanding of how markets work and of how governments work is superficial,” writes David Henderson. “I wonder if any of them, seeing the apparent success of Milei’s policies, are questioning their prior views. We can always hope.”

We can hope, but intellectuals who admit their errors are extraordinarily rare.