Saturday, August 6, 2011

Which Record is Worse Market Failure or State Failure?

By Con George-Kotzabasis

Those who so lackadaisically, ignorantly, and one-sidedly, like the liberal ‘questions’, dismiss the efficiency and effectiveness of the “free market” that since its origins and rise has increased by leaps and bounds the standard of living of the masses, according to the Indian economist Amartya Sen, should consider the following: if someone objectively and impartially contrasted historically “market failure” with “state failure” the latter would outweigh the former by tons. A recent egregious example of state failure is President Obama’s spending of a trillion dollars to create jobs. Not to mention the historical example of the failure of the Soviet Union, with its inherently command dirigiste policies, which economists of the stature of Ludwig von Mises had predicted all along.