The division of labor promotes peaceful exchange and continues peace. But this can all break down when governments intervene to prevent peaceful interaction and when government incompetence promotes violence.
Economists have long tried to use the idea of "public goods" as justification for a wide variety of government interventions. But there is no objective measure for what's a public good and what's not.
Keynes viewed depressions as something that could naturally plague market economies when total spending was insufficient to support full employment. Only with wise oversight could we hope to achieve steady economic growth.
Mises knew: “Mass unemployment destroys the moral foundations of the social order. The young people…forced to remain idle, are the ferment out of which the most radical political movements are formed."
Murray Rothbard’s number one rule in an economic crisis is for the government not to interfere with the market’s adjustment process. Doing so will only perpetuate the crisis.
Economists have long tried to use the idea of "public goods" as justification for a wide variety of government interventions. But there is no objective measure for what's a public good and what's not.
Mises knew: “Mass unemployment destroys the moral foundations of the social order. The young people…forced to remain idle, are the ferment out of which the most radical political movements are formed."
Of course, anyone who deals in interacting with the real world (i.e., not lifelong bureaucrats like Fauci, who needs not exhibit any actual competence to collect his $400,000 paycheck) understands that preserving and augmenting wealth is key in enhancing health and life.
There's now no difference between monetary policy and other government programs designed to prop up firms, industries, and other favored groups. The Fed is simply another government planning agency.
There's now no difference between monetary policy and other government programs designed to prop up firms, industries, and other favored groups. The Fed is simply another government planning agency.
