Value and Exchange

"Efficiency" has largely been demoted from a useful term of analysis and insight to little more than another warning that the government is about to rip you off with another redistribution scheme. 

The assertion that “tax-financed public goods can make us all better off” is just that: an assertion. As Rothbard showed, there is no reason to just assume consumers would pay for these amenities were they not forced to through taxation. 

It's not that we need to rid ourselves of the baggage of macrostatistics completely. Rather, we need to 1) critically assess whether they are appropriate, if so, 2) for what role, and finally 3) whether they are consistent as a tool we can use to tell the story we want.

Just as central planners cannot know how individuals will value a product or service, so too are central planners unable to calculate or plan for the endless array of risk assessments made by potential victims of covid-19.