Maybe Venezuelans didn’t do it right. Nor did the Russians, or anybody else. Or maybe socialism is a fundamentally flawed idea that always leads to misery by design. We shouldn’t need this discussion in 2019, given mounds of evidence and victims, but here we are again.
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
Small businesses disperse economic resources more evenly throughout a community, and they provide more options to employees while creating more competition for large firms. Nor do small firms really pay less.
What the world needs is more personal freedom and economic liberty so we each may be the voluntary means to each other’s ends through the marketplace of ideas, employments, and products as we use our individual knowledge in our shared global society.
There’s no accounting for the final destination of any good. Short of Huawei hoarding all of its production, its smartphones and telecom equipment will ultimately reach Iran for the simple reason that Huawei is successful at selling so many smartphones and so much telecom equipment.
Economic growth comes from successful entrepreneurship that is also productive. And not all entrepreneurs who earn profits contribute to economic growth if they have unproductive — or, worse, destructive — effects on the economy.
Three things warrant widespread agreement. The Fed generated an unsustainable boom. It followed up with a severe monetary contraction. And it swapped out its traditional operating procedures for a new regime, reducing economic growth and increasing systemic risk in the process.
The prosperity that we all enjoy as a result of the creativity, risk-taking, saving and work effort of these and other super-rich people would not exist if they had lounged around all day watching television, playing pool or reading poetry.
In 2019, by contrast, no amount of political resolve will reverse the fact that Western democracies account for little more than a third of the world economy. It would be naive to expect North America and Western Europe to reign supreme again anytime soon. Hopes for the U.S. to grow its way out of the current predicament are no more than fantasies.
In actual fact, the robotic automation does not eliminate jobs but repetitive rules-based tasks that require neither creativity nor humanity. Released from mindless office tasks, we will all be freed to create value through our human values and human ingenuity. We can all become entrepreneurs.
The impractical answer is to campaign to limit government intervention in business matters. No more tax loopholes, no more industry regulation that favors large incumbent corporations over innovative new entrants, no more legislation that favors cartels and anti-competitive behavior. Good luck with that.
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