Thursday, November 1, 2012

Wielding the power of the state

The libertarians are concerned that Keynesian economics "encourages politicians to wield the power of the state in ways that do enormous harm.” What the libertarians forget is that they too insist on “wielding the power of the state” to enforce the property rights of a tiny minority that owns virtually all the capital assets in society. This does enormous harm to all members of society other than this small minority.

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