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.
Princeton Speech Monday
Princetonians for Free Speech: "On April 7 at 6pm in McCosh 28, radio host and author Scott Horton will speak on the conflict between Ukraine and Russia, and touch on other points from his new book;Provoked:How Washington Started the New Cold War with Russia and the...