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.
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The chief objective of present-day government interference is to intensify further credit expansion. This policy is doomed to failure. Sooner or later it must result in a catastrophe.
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.
The small State can do to Society everything the large State can do, but not so much of it.
Hoppe definitively established that the unhampered market is superior in improving social welfare.
Finally, this view, based only on the doctrines of one obscure and heterodox scholastic, was enshrined in conventional histories of economic thought, where it was seconded by the free market but fanatically anti-Catholic economist Frank Knight and his followers in the now highly influential Chicago School.
We must hope that those in the Western world who seem to be ready to sacrifice intellectual freedom because it does not mean the same economic opportunity for all will yet realize what is at stake.
