In economics Hayek is a radical; but in philosophy, unlike Ayn Rand, Hayek is a conservative.
Economic growth has been faster when the federal government has been smaller (relative to GDP) – and vice versa.
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”
Those three elements are (a) division of labor; (b) impersonal exchange based on prices; and (3) economies of scale based on knowledge.
Some creative rethinking can put us on the road to a better tomorrow.
Introduce government intervention into the market system, and monopoly becomes a social harm and an economic problem.
The fundamental flaw in Professor DeLong’s view, as in John Maynard Keynes’ 1936 book is the idea that there exists a macro-economy the two sides of which are composed of aggregate demand and aggregate supply.
It is not for the president or any politician or regulator to issue dictates telling individuals or businesses where and what and how much to invest, much less what to say