![China’s Naked Emperors](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sFHsMV4ZhB5ZswzXYtXCOLMULJnMMlpmgchRL-6UbSYw_xme-IcofQHhMA6OogoCnmxpN2a2M-Sg=s0-d)
Politicians who preside over economic booms often develop delusions of competence. You can see this domestically: Jeb Bush imagines that he knows the secrets of economic growth because he happened to be governor when Florida was experiencing a giant housing bubble, and he had the good luck to leave office just before it burst. We’ve seen it in many countries: I still remember the omniscience and omnipotence ascribed to Japanese bureaucrats in the 1980s, before the long stagnation set in.
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