07/17/2017

We Are The Economy They Want To Regulate

Sheldon Richman, Reason

Critics of the libertarian philosophy think they can score points by calling libertarians "market fundamentalists." It's supposed to conjure images of dogmatic religious fundamentalists, just like the term global warming denier is supposed to conjure images of Holocaust deniers. It's a smear, of course, and if you think the tactic discredits those who employ it, I agree. The fact is that libertarians cannot be market fundamentalists. Why not? Because in the libertarian worldview, the market is not fundamental. What's fundamental is every person's right to be free from aggressive force. So fine, I'm a freedom fundamentalist. Guilty.

Strictly speaking, it's not markets that can and should be free—it's people. The term free marketmerely describes one political-legal context in which people conduct themselves. It's shorthand for a subset of human action—the exchange of goods and services, usually for money. (The logic of human action, the study of which Ludwig von Mises called praxeology, applies to all purposeful conduct, not just market exchange.)

It follows, then, that when politicians and activists call on the government to regulate the economy, they mean to regulate us. There's no economy to regulate. It's not a machine or a vehicle. It's an unending series of purposeful activities the logic of which gives rise to a process characterized by regularities. Hence, for example, the law of supply and demand. We can talk about this orderly process—the market—as though it were a thing, but we have to keep its metaphorical nature in mind. It's still only people cooperating with each other.

Read full article



You May Also Like:

It's Time For Senate GOP To Ditch Mitch McConnell So That Trump's Agenda Can Succeed Erick Erickson, The Resurgent

What Really Happened Between Trump And Putin At The G20? Michael Warren, Weekly Standard

Donald Trump Vs. The Post-West John Fonte, American Greatness

California's Climate Cap And Spend The Wall Street Journal

IRS Destroyed Laptops Containing Critical Records, Says Inspector General Elizabeth McKee, Americans for Tax Reform

Poll: Just 6% Of Americans Say Russia Story Is ‘Important' Joseph Curl, Daily Wire

Applebees Franchisee: We Have 1,000 Fewer Servers Because Of New York’s Minimum Wage Hike [Watch] Scott McClallen, Red Alert Politics

Latest Ratings: MSNBC Strong In Key Demo, Fox Has Most Viewers, CNN Still Losing To Cartoons Andrew Mark Miller, Young Conservatives

How The Overcriminalization Of Everything Is Endangering Ordinary People [Watch] Bonnie Kristian, Rare

The Democratic Party Remains On The Verge Of Collapse Michael Krieger, Liberty Blitzkrieg

How ‘Saudi America’ Made OPEC Irrelevant Andrew Moran, Economic Collapse News

Sanders Denies Saying Republican Health Care Bill Would Kill People (He Did) [Watch] Andrew Kugle, Washington Free Beacon

What Americans Care About Vs. What The Media Cares About Jon Gabriel, Ricochet

Social Security Will Be Paying Out More Than It Receives In Just Five Years Mac Slavo, SHTFPlan.com

Democrats Have No Message Because Pelosi And Schumer Never Needed One Michael Sainato, The Observer

The EU Is Making Poor Countries Poorer Joseph Hackett, CapX

Why It’s A Bad Idea To Tell Students Words Are Violence Jonathan Haidt and Greg Lukianoff, The Atlantic

This Poconos Property Manager Helped My Family Keep Our Vacation Home—Until Pennsylvania Shut Her Down Samantha Harris, Reason

For More go to the Home Page >>>

Search

SIGN OUR PETITION

FreeMarket Central

TELL CONGRESS: STOP THE POLITICS.

PASS A HEALTH CARE BILL THAT PUTS PATIENTS FIRST



Americans need a health care bill that serves needs of individuals—not those of Washington and big corporations.

 

Read more

Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

In Search Of History

When America Was Truly The Land Of Opportunity

For [early immigrants] America was truly the land of opportunity. For the first time in their lives, many were truly free to pursue their own objectives. That freedom released the human energies which created the United States. There were few government programs to turn to and nobody expected them. But also there were few rules and regulations. There were no licenses, no permits, no red tape to restrict them. They found, in fact, a free market, and most of them thrived on it. 

-- Milton Friedman,

Shadow Stats Snapshot


FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.4%
    FreeMarket Central Shadow Stats: 22.1%
  • Inflation:
    FreeMarket Central June Year-to-Year: 1.87% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.6%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]