White Paper

Argentina: Caveat Lector

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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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.