Redevelopment Finds Another Foe

It appears California Governor Jerry Brown unwittingly exposes another government central planning failure in the form of "redevelopment" and "enterprise zones". Special thanks to Reason.com for fleshing out the details.

Redevelopment Destroys the Market

Economist Thomas Sowell suggests, "In reality, what redevelopment does is transfer wealth from one place to another place, with no net addition to the wealth of the country as a whole."

Additionally, even if executed perfectly, redevelopment is a net loss to the country since it involves both a middle man (bureaucrats) and aggression (via taxation or eminent domain).