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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: gpowell who wrote (52074)	6/5/2006 12:10:15 PM
From: CalculatedRisk	Read Replies (10) of 116555

The real issue is normative. As an example, if a ten year is seriously injured, and his parents have no insurance, what happens? In my view, the state should provide health care. In the Austrian view, the kid is out of luck (or to mask their view, they say a charity should step in - the result is the same). Its amazing how much of a person's views of economics flows from this simple example. And there is no way for the two sides to meet - they have different values. In good times, there is a tendency for society to shift to the out of luck view. In bad times, the opposite is true. Right now times are good. Enjoy Hayek's resurgence. Kiss him goodbye during the next downturn.

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