The Myth of Market Failure
Mainstream economists often claim that “market failure” is everywhere. However, when one investigates these so-called failures, one has to conclude that government intervention often is behind them.
Mainstream economists often claim that “market failure” is everywhere. However, when one investigates these so-called failures, one has to conclude that government intervention often is behind them.
While F.A. Hayek saw human ignorance as the basis for what he called spontaneous order, Ludwig von Mises saw human reason as the basis for praxeology.
The current population dearth in China, Japan, and the West has somewhat cooled the demand by elites that governments "control population." However, past population control efforts by governments already have created serious consequences for the future.
F.A. Hayek coined the term spontaneous order to point out that the prosperous societies are also societies where people are free to pursue their own goals. The result is, ironically, harmony that cannot come about through central state planning.
Ingrid Robeyns doesn't want to abolish markets and replace them with central planning. However, as David Gordon points out, her ideas on reducing inequality reflect the belief that progressives can create a fantasy world, state control without the consequences.
F.A. Hayek coined the term spontaneous order to point out that the prosperous societies are also societies where people are free to pursue their own goals. The result is, ironically, harmony that cannot come about through central state planning.
F.A. Hayek’s classic The Road to Serfdom was published eighty years ago. Critics then called Hayek a “reactionary.” Today, he is looking more and more like a prophet.
One thing to be said in favor of the American conservative establishment is the fact that they at least pay lip service to the idea of a free marke
Javier Milei is trying to undo the damage created by nearly a century of socialism in Argentina. Mises, Rothbard, and Hayek were good teachers.
Progressives argue that free markets stand in the way of economic and racial equality. In fact, free markets are the only vehicle that can help make people more equal.