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White Paper

October 17, 2002

Argentina: Caveat Lector

by Steve H. Hanke

Steve H. Hanke is a Professor of Applied Economics at the Johns Hopkins University in Baltimore and a Senior Fellow at the Cato Institute in Washington.

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The discourse surrounding Argentina's recent travails has validated George Stigler's observation that "the quality of controversy is not only low but in fact declining..." The anointed—to use Thomas Sowell's expression—have become instant experts on Argentina. Indeed, they have built a flourishing cottage industry that has spun an Argentine story based on preemptive rhetoric and a disregard for factual evidence. The overriding lesson to be learned from the musings of these so-called experts and camp followers in the press is caveat lector.

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