Great article. Another one for the archives.

Both the US and Europe since World War II have been liberal, mixed economies. The question is not whether government should have a role, but where and how much.



If economic growth provides health, a better environment and more human happiness - and the clear evidence is that it does - then the essential issue is how to encourage growth? What should government do in the economic sector?

Very little.



Well, duh.

This obvious fact doesn't make much headway with governments, since their objective is to accumulate power, and one major feature of a laizzes-faire economic system is that the government does not have much power.

In a free market society, what the hell do we need Ted Kennedy for? On the other hand, in a mixed economy, a Senator is a god, with the private sector constantly at his feet bearing riches, begging for favors or protection.

Almost every argument against free-market capitalism emanates from government, and other portions of society that would stand to lose power or their free lunch in a capitalist system. This obvious self-interest bias doesn't seem to occur to a lot of people.