One of the points that we free market types keep making is that politics inevitably leads to poor allocation of resources. Since politicians don’t bear the cost of being wrong, they’re apt to do things that would never pass the test of the market.

A column by Dan Walters in the Sacramento Bee makes the point beautifully. California has a shortage of nurses. It has no shortage of lawyers. So where do you suppose the state government wants to spend more money? On the construction of a new law school, of course. Story here.

Hat tip: Velma Montoya.