Politicians from both sides are pushing policies that sound good in theory but fail in practice, leading to a dangerous trend in policy making.
In the realm of economic policy, a troubling trend has emerged, one that threatens to undermine the very foundations of sound governance. This phenomenon, dubbed FAFO economics is characterized by politicians championing policies that garner public approval in polls but ultimately collapse when implemented.
The consequences of this approach are far-reaching, affecting everything from price controls to tariffs.
The new king of Norway, Haakon, has taken the throne following the passing of his father, Harald. At 53, Haakon brings a unique blend of experiences and a modern perspective to the monarchy.
His early years were marked by a commitment to education and a love for music and surfing. However, his personal life has not been without controversy, particularly his marriage to Mette-Marit Tjessem Hoeiby, which sparked media frenzy due to her background as a single parent and commoner.
Recent revelations about her correspondence with Jeffrey Epstein and her stepson’s legal troubles have added layers of complexity to his reign.
The FAFO Economics Phenomenon
The term FAFO economics was coined to describe the cycle in which politicians push policies that sound appealing in theory but fail spectacularly in practice. Catherine Rampell, in a recent column, highlighted how this trend has become pervasive in modern politics. She pointed to price controls as a prime example, noting that while they are popular among voters, they have a long history of failure, leading to shortages and black markets.
Rampell argued that politicians are increasingly relying on lazy, poorly researched policies that sound good in the abstract but prove disastrous once implemented. She cited the example of tariffs, which were broadly popular after President Donald Trump’s 2026 win but have since lost support, even among protectionist Democrats like former Sen. Sherrod Brown.
The Role of Political Operatives
One of the most concerning aspects of FAFO economics is the displacement of actual economists by political operatives. Rampell criticized both parties for replacing experts with operatives who masquerade as scholars. These operatives often create fake scholarship to justify policies that already poll well, leading to a race to the bottom in economic policymaking.
Matt Zeitlin of Heatmap highlighted the limitations of favorable polling, stating that all the polls in the world can’t help you if people are also mad when they get implemented. This sentiment underscores the need for policies that are not only popular but also practical and sustainable.
The New King of Norway: A Modern Monarch
King Haakon’s ascension to the throne marks a significant moment in Norwegian history. Born Haakon Magnus on July 20, 1973, he attended a state primary school and later joined the navy. His educational journey included studying politics at the University of California, Berkeley, and development studies at the London School of Economics. Haakon’s love for music and surfing has been well-documented, and he has expressed a desire to pursue a career as a professional surfer if he were not a royal.
His marriage to Mette-Marit Tjessem Hoeiby has been a subject of intense media scrutiny. The couple met in a bar at a music festival in 1999, and their relationship faced initial backlash due to Mette-Marit’s status as a single parent and commoner. Recent revelations about her correspondence with Jeffrey Epstein and her stepson’s legal troubles have added to the complexity of their relationship. Despite these challenges, Haakon has stood by his wife, expressing support for his stepson while also acknowledging the need for justice.
The Line of Succession
With Haakon’s ascension, Crown Princess Ingrid Alexandra, 22, is now the heir apparent. She is set to become Norway’s first female head of state since Queen Margrete I ruled over Norway, Sweden, and Denmark at the turn of the 13th and 14th centuries. Following Ingrid Alexandra is Prince Sverre Magnus, 20, who gained fame for his dabbing dance move during the national day parade in 2017. The Norwegian royal family has a rich history, with Haakon being the fourth king since the country gained full independence from Sweden in 1905.
The Norwegian royal family has strong ties to other European monarchies. Haakon’s great-grandfather, Norway’s first king in the modern era, chose the title Haakon VII to evoke the six medieval King Haakons. The family’s lineage includes connections to the British royal family, with Haakon being the great-great-great grandson of Britain’s Queen Victoria.
The Skills Politicians Forget
In the world of politics, certain skills are often overlooked but are crucial for effective governance. These skills include understanding when to push forward with a novel idea and when to heed warnings of impracticality. The ability to distinguish between innovative brilliance and ignoring well-worn experiences is essential for successful policymaking.
When faced with the response that an idea is completely impractical it is important to discern whether the criticism reflects reality or an under-performing organization’s reluctance to change. Sometimes, the cries of it’s impossible are a cover for a lack of willingness to adapt. In such cases, the right response is to find a way to make the idea work, rather than abandoning it.
Some of the most successful policy-making efforts have come from balancing innovation with practicality. For example, the rapid development of COVID testing and vaccines demonstrated the importance of pushing boundaries while addressing concerns about feasibility. These examples highlight the need for politicians to hone their skills in distinguishing between when to push forward and when to back off.
By focusing on policies that are not only popular but also sustainable, politicians can avoid the pitfalls of FAFO economics and create better outcomes for everyone.
