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Pastimes : Austrian Economics, a lens on everyday reality
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To: eddieww who wrote (40)12/12/2001 12:07:29 AM
From: Don Lloyd   of 445
 
eddieww -

According to the vons (Mises, Hayek), does a government have any regulatory role in the marketplace beyond insuring property rights?

mises.org

"II
Interventionism

It is self-evident that human beings are not omniscient; they cannot know everything. And they are not omnicompetent; they make mistakes. However, Mises was convinced that they would have more knowledge and would make fewer mistakes if they were free and if their voluntary actions were not hampered. Mises' understanding of economic theory convinced him that men who are free to seek their respective goals by peaceful means, to compete, cooperate, bargain and exchange with one another, to adjust and adapt to changing conditions, will learn by reason and experience. They will often be able to correct their mistakes, misjudgments and miscalculations before the effects become serious. Everyone concerned will benefit as a result.

Realizing the advantages of peaceful social cooperation, Mises was led to advocate the protection of free markets and private property. The role of government was to act as "night watchman." It should not otherwise interfere with the peaceful and voluntary actions of individuals. It should not try to be both God and Santa Claus. Government should use its power, as Mises says, "only to protect decent law-abiding people against violent or fraudulent attacks."..."

Regards, Don
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