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"All this suggests democratic arrangements, which foster diversity, are better at solving problems than technocratic ones. Libertarian paternalism is seductive because democratic politics is a cumbersome and messy business. Even so, democracy is far better than even the best-intentioned technocracy at discovering people's real interests and how to advance them. It is also, obviously, better at defending those interests when bureaucrats do not mean well."
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Acknowledging they lacked the know-how to put anything together without it all falling apart again in a matter of seconds, millions of ordinary Americans implored the nation's skilled individuals to just use their knowledge to end the financial crisis, manage the health care industry, determine which human beings are actually fit to hold political office, teach the nation's children, and enact overarching policy decisions that serve the greater good.
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Technocrats aided their enemies by being dead wrong about Vietnam, inflation, and demographics. While the pain inflicted by these three problems is small compared to their place in myth; it was enough to create core that would identify technocrat with liberal, and thence be induced to vote for massive distribution of wealth upwards.
report on large banking automation of loan processing and delinquency rates. Turns out that large banks use hard FICO cutoffs that mask actual default rates.
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