There’s a growing literature pointing to the myriad of government failures but the highlights are: government failures are in almost every scenario significantly worse than market failures, so let the market decide. Increasing liberty produces great outcomes (drug use goes down with liberal drug policy same with overdoses, increasing immigration increases everyone’s income, housing prices and homelessness go down when we reduce nimby policies and have a free market in housing, FDA and other bureaucratic agencies overspend (Mercatus Center estimates it costs 93 million to save a life through regulation and with the case of the FDA they actually actively kill 20,000+ people a year), education and healthcare costs would drop significantly if we had a free market in them (the strongest argument that shows why prices rise in these sectors is because of artificial inflation caused by government intervention), wars cost enormous sums of money to produce and their consequences are almost always worse than non-intervention (since 9/11 200K Iraqi civilians have died, while terrorism has increased 2,000%), there’s some historical evidence that free banking systems are less prone to the disastrous effects of the business cycle, there’s lots of more evidence.
These empirical facts are related to the idea that market based interventions outperform government interventions because the market does not have to act through a centralized hierarchy to make decisions. It’s difficult to make centralized decisions that are attentive to the concerns at the margins of the economy.
There’s a growing literature pointing to the myriad of government failures but the highlights are: government failures are in almost every scenario significantly worse than market failures, so let the market decide. Increasing liberty produces great outcomes (drug use goes down with liberal drug policy same with overdoses, increasing immigration increases everyone’s income, housing prices and homelessness go down when we reduce nimby policies and have a free market in housing, FDA and other bureaucratic agencies overspend (Mercatus Center estimates it costs 93 million to save a life through regulation and with the case of the FDA they actually actively kill 20,000+ people a year), education and healthcare costs would drop significantly if we had a free market in them (the strongest argument that shows why prices rise in these sectors is because of artificial inflation caused by government intervention), wars cost enormous sums of money to produce and their consequences are almost always worse than non-intervention (since 9/11 200K Iraqi civilians have died, while terrorism has increased 2,000%), there’s some historical evidence that free banking systems are less prone to the disastrous effects of the business cycle, there’s lots of more evidence.
These empirical facts are related to the idea that market based interventions outperform government interventions because the market does not have to act through a centralized hierarchy to make decisions. It’s difficult to make centralized decisions that are attentive to the concerns at the margins of the economy.