I call this the Fundamental Problem of Political Economy. How do we limit the power that idiots have over us? ... [Milton] Friedmans insight is that a market limits the power that others have over us; conversely, limiting the power that others have over us allows us to have markets. Friedman argued that no matter how wise the officials of government may be, market competition does a better job of protecting us from idiots.

Arnold Kling

Categorized in : Jobs Wise Government

The prescription for better health care is more freedom to innovate, not remote-control surgery from Washington.

remote-control surgery care

Your generosity is reflected in what you do with your own money, not in what you do with other people's money. If I give a lot of money to charity, then I am generous. If you give a smaller fraction of your money to charity, then you are less generous. But if you want to tax me in order to give my money to charity, that does not make you generous.

generosity giving order

Anyone who believes that we can afford collectively what we cannot afford individually is delusional.

delusional believe

I have come to believe that politicians are in the business of 'marketing' their product to the public, by exaggerating threats and over-selling government solutions.

political government believe

I believe that the Welfare State redistributes poverty and reduces income. As Karl Kraus once said of psychoanalysis, the Welfare State is the disease which it purports to cure.

income disease believe

I think that the main issue with inequality is not the gap between the rich and the poor. It is the gap between the earnings of top business leaders and the salaries of academics and journalists.

issues leader thinking

When the government pays, health care's lack of affordability becomes a self-fulfilling prophecy. In health care, as in other things, government is the high-cost producer.

cost government self

The gap between what one knows and what one thinks one knows may be higher in the ranks of the elite. The result is supposedly-clever government interventions, introduced with excessive confidence, leading to disastrous results.

government clever thinking

I am worried about climate change. In one respect, I may be more worried than other people. I am worried because I have very little confidence that we know what is causing it....One of my fears is that we could reduce carbon emissions by some drastic amount, only to discover that-oops-it turns out that climate change is being caused by something else.

carbon-emissions climate people

Constitutional provisions are not barriers to government misconduct. At best, they can be speed bumps.

speed government bumps

After over half a century of employer-provided health care coverage, the American people have developed a phobia of paying for health insurance themselves.

care half people

That eugenics was part of the progressive agenda is one of the most heavily-airbrushed features of history.

eugenics agendas politics

Phelps has given us a clear warning of the dangers of corporatism. I hope that more people hear and heed the warning.

warning danger people