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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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Which Way Do You Lean on Economic Theory?

Whose approach do you find yourself taking more often, Mises's or Friedman's? Read both quotes and choose the one that aligns with your opinion of what makes for good economics.