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.
TGIF: Envy, Ignorance, Barbarism Triumph in New York
Democratic socialist Zohran Mamdani's mayoral victory in New York City is a triumph of moral barbarism, economic illiteracy, illogic, and just plain envy. Mamdani's campaign had a double pitch: billionaires should not exist, and "the people" deserve free stuff. At...














