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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: GraceZ who wrote (20888)1/10/2005 12:23:47 PM
From: gpowell  Read Replies (1) of 116555
 
The problem I have with the particular socialist programs undertaken by the government are never judged empirically.

"Judge empirically" is precisely what the market did to classical liberal axioms such as “My right to pursue happiness stops at the limits where it inhibits your right to the same.”, which is a statement with no more inherent validity than saying that there is a just and fair price. The point is that the market itself undermined the philosophical underpinnings of classical liberalism, which by the by led to socialism, just as in a previous era the market undermined mercantilism, and before that feudalism.

Whereas, the market, only rewards that which works, government can and does go on rewarding that which doesn't work for a very long time, meanwhile needless suffering continues.

Here it is again - a clear statement of the dichotomy you asset between “the market” and government. Anyone can point to instances of government failure and assert that the “free market” would have done a better job, just as others can point to instances of “free market” failures and assert some government intervention is necessary. The problem is you have no real definition of the free market. It appears that you want to call that specific combination of government and private initiative associated with the classical period the “free market”, and, while asserting its superiority, restrict the market from developing other systems. If so, you are exhibiting the same “pretense to knowledge” that Hayek accused of all central planners.
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