Economics offers the knowledge that there exist impenetrable conditions that pen us in and knowledge of conditions under which the human imagination can create miracles. Markets will make lives abundant as long as government stays out of the way. Price fixing, privilege-granting, taxation, Fed fixing of interest rates and other such interventions are all dream crushers by creating market dislocations. Sound money, private property and laissez-faire ideas create middle classes, wealth and miracles. We owe our life's debt to economic freedom.
Recorded at the Economics in One Lesson Conference in Houston, Texas, on 21 January 2011. Sponsored by Jeremy S. Davis.