All the oratory of the advocates of government omnipotence cannot annul the fact that there is but one system that makes for durable peace: a free market economy. Government control leads to economic nationalism and thus results in conflict.
If capitalism is self-destroying, as he says it is, if socialism leads to the servile state, and if the distributive state as a practical matter is not feasible, then we have but one choice; and that is a choice between serfdom and death.
We are witnessing a great tragedy: more and more people being driven by indignation about the suppression of political and intellectual freedom joi
Shiller's proposal, in contrast, gives the government a perverse incentive to raise tax receipts while strangling GDP. Isn't the government doing a great job of that already?
The only genuine, long-term solution is to force the state to retrench and allow the essential characteristics of free enterprise to reassert themselves in the market, especially in the realm of market prices and private property. There is no middle way. To plan otherwise is to plan for chaos.
From The Failure of the “New Economics”. Narrated by Josiah Schmidt.
From The Failure of the “New Economics”. Narrated by Josiah Schmidt.
