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Critique of Interventionism

JULY 29, 2009

These essays by Ludwig Von Mises explain the problems that arise when the state vies for more and more control over the economy. Mises goes on to explain the deleterious effects of state intervention by discussing its impact on wages, prices, unemployment, and inflation. In his view, this policy is an inherently unstable one because it creates new dislocations that would seem to cry out for further interventions, which, in turn, do not solve the problem. The end of interventionism is socialism, a fate which can be logically avoided only by a sharp turn towards free markets.

 

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Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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