Under socialism, the costs of one person's decisions are spread equally throughout society, to the point that that individual hardly feels the penalties of his value judgments — short of illness and death.
The well-known problem of the tyranny of the majority is present in both corporate/investor democracies and political democracies. What sets one apart from the other are the remedies available to the disgruntled minority.
It's strange how most people are willing to give the police and the courts the benefit of the doubt and pretend as if the system somehow knows something that we do not know. Anyone hauled off to jail, they believe, probably deserved what is coming to him.
Libertarians have not come to promise human beings a technocratic utopia; we have come to bring everyone freedom, the freedom of each individual to pursue whatever his or her dreams of the future may be. Or even to have no vision of the future.
Caplan could just as easily have written, "An optimal solution to education would actually involve gang members randomly beating up college freshmen." I am not exaggerating. Caplan's statement is literally equivalent to my own suggestion.
Government spending — whether on our current armed forces and their more than 800 foreign bases or on "green" energy and other government-favored projects — does not produce prosperity. It only diverts resources.
The leading Baconian in political economy, who was also, fittingly, a pioneer in statistics and in the alleged science of "political arithmetic," was the fascinating opportunist and adventurer Sir William Petty (1623–1687).
Obama says that the key to progress is good government. Not so. The real common thread to progress is free enterprise. Progress and prosperity have followed movement toward freer markets and secure property rights.
Many elected officials are already wealthy by most people's standards. What makes the wealthy and otherwise successful want to hold office? Is it an overweening ego and an insatiable hunger for public adulation?
The Tea Party, no matter how successful it is at the polls in November, will certainly betray the party of liberty. There are several reasons for this, but the fundamental one is intellectual. The Tea Party does not have a coherent view of liberty.
