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Archive for November, 2011

Timeless Wisdom

Posted by Eliot Weinstein on November 30, 2011

Economists are quick to speak of ‘market failure’, and rightly so, but a greater threat comes from ‘government failure’. Because it is a monopoly, government brings inefficiency and stagnation to most things it runs; government agencies pursue the inflation of their budgets rather than the service of their customers; pressure groups form an unholy alliance with agencies to extract more money form taxpayers for their members. Yet despite all this, most clever people still call for government to run more things and assume that if it did so, it would somehow be more perfect, more selfless, next time.

That is from The Rational Optimist: How Prosperity Evolves by Matt Ridley (page 182 of the US paperback edition), which I recently finished reading, and which economist David Henderson likes for other reasons. World-renowned economist Gary Becker expounds upon these same ideas on his blog.

Ridley’s astute observation could and should be a rallying cry for today’s free-market economists, moderate libertarians, economic conservatives, and centrist pro-market incrementalists. It’s certainly a much better starting point for lovers of liberty than the scorched-earth, radical sham-libertarianism of Ron Paul and his followers. Unfortunately, Ron Paul’s version of libertarianism is currently receiving much national attention, and as Will Wilkinson discusses in this article for The New Republic, the Paulite creed is both embarrassing and counterproductive to the cause of liberty (incrementalist or otherwise). Do read the whole thing, but Wilkinson is right on the money when he says,

If you were an evil genius determined to promote the idea that libertarianism is a morally dubious ideology of privilege poorly disguised as a doctrine of liberation, you’d be hard pressed to improve on Ron Paul.

I’m sure to get some flack for condemning Ron Paul (or I would, if anyone actually read this), but between Wilkinson’s TKO of the Paulite ideology and Ridley’s positive alternative, I am content to do so.

If, on the other hand, you enjoyed this criticism of Ron Paul, stay tuned for my upcoming post on what I think of the Republican Party’s 2012 presidential candidates, which will be posted in time for the start of the primary election season.

Posted in Economics, Politics | 2 Comments »