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When any particular outcome emerges from the market process that is not suitable for market participants, the market will adjust and, sooner or later, produce another, better outcome. By contrast, government failures are rarely improved with adjustments.
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Who knows? Maybe, just maybe, regulated capitalism will be replaced with free-market capitalism.
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You should be able to take advantage of smart contracts in many ways, and in many situations, if you just understand smart contracts are a way of managing contingencies.
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Because free markets typically give to producers as well as to consumers strong incentives to use their unique bits of knowledge in ways that promote the general welfare, that both the knowledge problem and the incentive problem exist at all levels of government decision-making means that what is warranted is a strong and general presumption against government intervention – or, worded differently, what is warranted is an ideology of freedom.
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Roads are emphatically not public goods, and many other nations have solved the problems of road use and financing by decentralizing provision and control.
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There is no limit to the examples of the distinction between what must be economized and what need not be. We need to develop the capacity to know the difference.
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Michael Munger found it useful to summarize the argument for capitalism briefly, and in some ways superficially.
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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.
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The core issue is twofold: public ownership of the roads and no stockholders/owners in charge of security services who are answerable to consumers. The result is exactly what you get from socialism: random chaos, coercion, and lack of accountability.
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The core of all three major religions is on individual faith, independently arrived at conclusions arrived at through persuasion, and the voluntary pursuit of worship. This is something to be celebrated, along with Passover, Easter, Bara’a Night, or whatever you have voluntarily decide to believe is holy.
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Various political and ideological trends have often seemed inevitable and irreversible — until they have changed! And it can happen again — if only friends of freedom at least try.
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The theoretical perfection of markets is not a valid argument against government intervention, nor is it a valid reason for governments to intervene in service of that ideal.
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