Creative Destruction—The Best Game in Town :: The Circle Bastiat

For all of you Democrats and Republicans that love to intervene in the marketplace for a bevy of silly reasons, just keep in mind the reality of such folly...

In this de facto fascist environment, the resource wastes and misallocations become a growing burden on the system’s capacity to generate a high rate of economic growth, indeed, ultimately on its capacity to produce any additions to real wealth. Such overburdened economic orders eventually die a slow death as their vital arteries of innovation and private investment become clogged by subsidies, taxes, regulations, direct state involvement, and other anti-productive buildups. The system then must endure not simply the frustrations and relative impoverishment of a succession of (often only temporary) losers in the process of creative destruction, but the frustration and absolute impoverishment of everyone except perhaps a fortunate few who benefit from the state’s channeling loot to them.

Socialism, as implemented in the US and previously in Europe will eventually impoverish the people that it was intended on serving. The simple reason it will fail is government and central planning are dumb ideas that have no place in the modern world. So when the urge arises to perform an act of utopian wealth redistribution or to bureaucratically tie up a legitimate business in stupid and worthless regulations, just keep this thought in mind...

It is a sorrowful reality that for the past century or more, people in the West have for the most part turned increasingly away from the economic system whose creativity redeems it and embraced instead systems whose hallmarks are economic irrationality, resource waste, bureaucratic tyranny, and ultimately mass impoverishment.

Creative Destruction—The Best Game in Town :: The Circle Bastiat