The main thing is that what stimulates economic growth isn’t central bankers, but instead great ideas brought to the market by great people, only for what’s great to be matched with intrepid capital. It’s a beautiful thing, but decidedly something that cannot be centrally planned.
About Hunter Hastings
Hunter Hastings is the Executive Director at Center for Individualism. He's an economist, venture capitalist, and lifelong advocate for liberty, economic freedom, and individual entrepreneurship.
Hunter’s current research is focused on the intersection of 21st century individualism, emerging technology and the radical decentralization that is freeing markets and creating a new spectrum of individual opportunity. His newest book is The Interconnected Individual, co-authored with Jeff Saperstein, to be published by Business Expert Press in 2018.
Entries by Hunter Hastings
Politicians perform ostentatious displays of publicity and political activists take to social media with grand condemnations of “social injustice” because there is social currency to be gained from doing so. The rules of the game call for it. Don’t expect any real action to follow.
In effect, debt financing allows government to spend money today while foisting the tab on future taxpayers – many of whom, literally, aren’t yet born. Politicians eager to win votes are thus prone to borrow and spend excessively because borrowing allows the current generation to free-ride on the incomes of future generations.
It’s always about control and the left thinks they should control all the levers. Alexandria Ocasio-Cortez’ chief of staff admitted it this week, telling a crowd: “The interesting thing about the Green New Deal, is it wasn’t originally a climate thing at all. We really think of it as a how-do-you-change-the-entire-economy thing.”
A periodic “spring cleaning for the regulatory state” is essential if we hope to address regulatory accumulation. For starters, we need to get rid of the problem of over-licensing and over-permitting. “Permissionless innovation” should be the default.
The literature on democracy and growth implies that there is no reason to reject an alternative history in which the world’s leading industrial economy was a nondemocracy. Nor why we could not see some very rich nondemocracies in the future.
The U.S. is the most prosperous nation on earth. That it is explains why entrepreneurs from around the world (including China) want to “steal” or imitate the clever doings of creative minds in the U.S. Pundits view this as a threat, but the much bigger worry would be if the creative found nothing worth emulating.
The idea of Bitcoin inevitability does not mix well with the logic of markets. We need markets and competition precisely because as human beings we have nowhere near the information or capacity necessary to make deterministic statements about the future. The future of money will likely look nothing like any of the possibilities we currently imagine.
When today’s democratic socialists are asked to explain their ideology, they tend to skimp on the substantial structural questions and lean on paeans to dignity, generosity, and equality. Ocasio-Cortez defines it as “democratic participation in our economic dignity.”
Polarization has accelerated the growth of the administrative state. With the elected branches divided, more power has fallen to the bureaucracy. The Anti-Federalists foresaw this. They worried that a large country would be too divided to govern effectively.
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