An Epidemic of Economic Ignorance

The last two issues of Economic Perspectives drew on observations made while I was on a month’s visit to South Africa, during which time the Finance Minister, Pravin Gordhan, presented his annual Budget to Parliament in Cape Town. He was robustly resistant to calls from a variety of special interest groups for more welfare spending than his budget could extend to, and I could see that his unwavering steadfastness amid all that clamour was putting his personal position at risk.