Each person born brings a mouth to feed and hands with which to scratch the ground, but most importantly, each new person brings a mind with which to have new ideas. The key, Simon argues, is freedom. When free minds are blessed with political and economic freedom, they can accomplish anything.
There isn’t much room for diversity and dissent, however, when everything is decided politically. Mass customization and diversity are commercial society’s virtues. Mass regimentation and uniformity are political society’s vices. The stark contrast is clear in the proximity between Halloween and Election Day.
“Monopoly” means either “the only firm in an industry” or “a firm with explicit, government-granted privileges that prevent other people from competing with it.” Google doesn’t fit the bill.
Holcombe mixes the theory of economic and political elites as it has been developed by political scientists and sociologists with Public Choice Theory to help us understand what Ayn Rand called “the aristocracy of pull” in Atlas Shrugged.
Abolish the FDA. Repeal medical licensing.
Slavery was not necessary for cotton, and cotton was not necessary for industrialization. Had chattel slavery never taken hold in the United States, we would very likely be richer than we are today.
The inescapable conclusion of the Mises-Hayek argument about socialist calculation is that an efficient socialist society cannot be designed.
Because nobody had an incentive to stockpile PPE or other medical equipment.
The shelves aren’t empty because of free-market capitalism. They’re empty because of active interference with free-market capitalism.
The capitalist achievement is progressive downward diffusion of things the rich and privileged take for granted that so many others couldn’t dream of.
Voice of Capitalism
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