I was a guest on BBC radio’s World Business News (MP3 link here) for what turned out to be a rather mild debate with CAP Action’s Tom Perriello. The segment is about 10 minutes long.
Our host asked, “Is this any way to run an economy?” I laughed that the alternative is a philosopher-king. A better answer would have been what we say in the book: No. There are a variety of rule sets to organize a democracy, and the ones predominant in advanced countries are indeed dysfunctional. We can do better, short of dictatorship. I wish I hadn’t been so glib on air, but I find myself defending the basic notion of democracy too often, so it was a reflex. What the U.S. really needs to do is constrain legislators’ capacity to make long-term spending commitments beyond the political consequence horizon.