Free, competitive markets have been the engine for both freedom and prosperity. In addition, free market capitalism is morally based on the principle of individual rights to life, liberty and honestly acquired property, in which all social relationships require the voluntary and mutual consent of the participants.
Tagged: social justice
Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times.
A new book by French economist Thomas Piketty on “Capital in the Twenty-First Century” has recently caused a major stir on the opinion pages of newspapers and magazines. Piketty has resurrected from the ash heap of history Karl Marx’s claim that capitalism inescapably leads to a worsening unequal distribution of wealth with dangerous consequences for human society.
Barack Obama is finishing his fifth year as president, and continues to try to move America further in the direction of increased government paternalism with the implementation of ObamaCare, a push for a higher minimum wage, more intrusive business regulation, a drive for higher taxes to redistribute wealth, and a persistent insistence that individuals must sacrifice their own interests for that of “society.”
Ongoing effective economic experiments among the 50 states are sharpening, and definitive results will pour out in the real world, editorial and opinion fallacies to the contrary notwithstanding. That sharpening[…]