Don't build it and they will come

Mayor Dave Bing's plan to reshape Detroit will fail. Like all the previous plans to salvage the city, it will fail because if suffers from what noted economist, philosopher and Nobel laureate F.A. Hayek called “The Fatal Conceit”. This is the belief that a single mind or committee can do things better than the spontaneous, complex and creative forces of the market. Detroit needs to lower taxes, reduce regulations, and eliminate the red tape that kills the incentive for entrepreneurs to operate and live in the city. In other words, get out of the way and they will come.

[Letter to the Editor - The Detroit News. Published 09/11/2010.]