Senior Fellow
Art Carden is a Senior Fellow at the American Institute for Economic Research. He is also an Associate Professor of Economics at Samford University in Birmingham, Alabama and a Research Fellow at the Independent Institute.
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We arenโt respecting othersโ liberty, dignity, and autonomy as independent and independently valuable moral agents when we coerce them.
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Empirically, the socialist record is one of dismal and at times murderous failure. Why, then, do intellectuals, scholars, and commentators continue in their romantic attachment to it?
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“Every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him.” ~ Adam Smith
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For all its imperfections, American business does a pretty good job โ a much better job, Cowen argues, than most people think, and I, for one, agree.
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There are a lot of ways firms and workers can adjust to higher minimum wages without anyone actually losing his or her job.
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Countless minds and countless hands have contributed to the slow march of civilization and helped to create a modern world (one fraught with problems, which I donโt minimize) in which I can perform innumerable operations closed off to previous generations without thinking about them.
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Hayek worked in the context of the near death of civilization in the world wars, near-universal enthusiasm for socialism among the intellectuals, and repeated exhortations in the face of periodic economic troubles that this time really was the Final Crisis of Capitalism.
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People can vote with their feet for different political, economic, and social institutions. They have overwhelmingly voted for liberty, opportunity, and prosperity when free to do so.
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Would it be a tragedy if Williamson were an anthropology virtuoso who, in dropping out of Duke and taking his talents to the NBA, eschewed a career of path-breaking, world-rocking anthropological scholarship? No.
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So long as there are new ways to think about the conflict between someone who has been bitten by a radioactive spider, a crime lord who has lost his family, and a mad scientist with mechanical tentacles, there will be room for economic progress.
โข
We arenโt respecting othersโ liberty, dignity, and autonomy as independent and independently valuable moral agents when we coerce them.
โข
Empirically, the socialist record is one of dismal and at times murderous failure. Why, then, do intellectuals, scholars, and commentators continue in their romantic attachment to it?
โข
“Every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him.” ~ Adam Smith
โข
For all its imperfections, American business does a pretty good job โ a much better job, Cowen argues, than most people think, and I, for one, agree.
โข
There are a lot of ways firms and workers can adjust to higher minimum wages without anyone actually losing his or her job.
โข
Countless minds and countless hands have contributed to the slow march of civilization and helped to create a modern world (one fraught with problems, which I donโt minimize) in which I can perform innumerable operations closed off to previous generations without thinking about them.
โข
Hayek worked in the context of the near death of civilization in the world wars, near-universal enthusiasm for socialism among the intellectuals, and repeated exhortations in the face of periodic economic troubles that this time really was the Final Crisis of Capitalism.
โข
People can vote with their feet for different political, economic, and social institutions. They have overwhelmingly voted for liberty, opportunity, and prosperity when free to do so.
โข
Would it be a tragedy if Williamson were an anthropology virtuoso who, in dropping out of Duke and taking his talents to the NBA, eschewed a career of path-breaking, world-rocking anthropological scholarship? No.
โข
So long as there are new ways to think about the conflict between someone who has been bitten by a radioactive spider, a crime lord who has lost his family, and a mad scientist with mechanical tentacles, there will be room for economic progress.
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