Maybe, says Amity Shlaes on tonight's Glenn Beck show. Her comments reminded me of my Antitrust professor, who helped show me the beauty of the free market. Relying on public choice theory, he didn't have much hope in our politicians instituting reforms that generate more social wealth instead of dividing up our economic pie to politically preferred special interests. Rather, he believed we wouldn't get our act together until we hit rock bottom.
His thoughts actually mirror those of Milton Friedman in Capitalism and Freedom. Friedman conceded in some of his lectures that his breakthroughs probably would not have much effect in the short term. But, it is important for these ideas to gain footing because when adversity hits, our leaders apply the ideas lying around at the time. We can only hope that if an economic crisis does hit, our politicians won't apply unimaginative, big government solutions that have failed time and time again.
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