Saturday, July 19, 2014

A case for libertarianism

MIRON: A case for the libertarian - Washington Times - Jeffrey Miron, Cato Institute:

July 17, 2014 - "As the American political scene becomes ever more polarized, citizens of all political views have tired of both the liberal and conservative perspectives. The two 'mainstream' perspectives strike many as inconsistent and hypocritical, and far more similar than different. Both advocate large and intrusive government, albeit in different arenas, despite rhetoric that claims otherwise.

"What these disillusioned Americans really want is libertarianism, which advocates small government across the board. Misleading or one-sided characterizations notwithstanding, libertarianism is precisely the 'third way' that many Americans desire.

"Libertarianism is not the claim that individuals are always rational, or that markets are always efficient, or that the distribution of income under laissez-faire capitalism is always 'fair.' Rather, it is the claim that, despite the imperfections of private arrangements, government interventions usually make things worse. Thus, non-intervention is the better policy.

"Libertarians, for example, oppose drug prohibition because it generates more harm — violent black markets — than drug use itself. Libertarians oppose many economic regulations because they entrench the large existing firms that can more easily absorb the added costs, thereby reducing competition and harming consumers. Libertarians oppose foreign interventions because they cost far more than initially acknowledged while failing to help either America or the target countries. Libertarians also oppose numerous interventions, such as trade restrictions or agricultural subsidies, because they distort market efficiency while arbitrarily enriching some Americans at the expense of others."

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