FDR expressed a willingness to experiment his way out of the Great Depression. But experimentation requires recognizing failures, and the self preserving dynamics of government bureaucracies laced with political cronyism is reluctant to confess failure.Read More
by Henry Oliner
The obsessive focus on demand also proved misplaced. Demand and supply ebb and flow in ways far too organic to be managed by central planning. Periods of innovation create new demands. New products precede their demand and subsequent manufacturing technology continuously turns luxuries into commodities.
from newly discovered blog Isegoria, Robert Conquest’s Three Laws of Politics Francis W. Porretto notes that Cyril Northcote Parkinson studied the same phenomenon of bureaucratic behavior: Parkinson promulgated a number of laws of bureaucracy that serve to explain a huge percentageRead More
Pope Francis offered his judgment on modern capitalism in his 50,000 word address, Evangelii Gaudium: Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice andRead More
General William Westmoreland, the U.S. Commander in Vietnam, strongly supported involuntary conscription, and told the [Gates] commission that he didn’t want to command an army of mercenaries. “General,” [Milton] Friedman interrupted, “would you rather command an army of slaves?” RepliedRead More