Nearly everyone complains about capitalism’s defects, or market failures. In fact, those are social failures, not specifically market failures, which show up when many rational individual actions create a social situation that displeases everyone. This means that government dirigisme — state direction or displacement of the market — cannot be a remedy because who do you think staffs the government and how do they get there? A big difference between the two systems — market and state — is that while the market diminishes social defects, the government magnifies them.
The Kyle Anzalone Show guest Jon Hoffman: Did Trump Put Saudi on the Path to Nuclear Weapons?!
A nuclear power deal can sound like paperwork until the fine print turns into a proliferation crisis. We sit down with Jon Hoffman of the Cato Institute to unpack the reported US Saudi nuclear agreement and the real meaning of a “Section 123 agreement” under the...