While on the internet one day, I noticed some media outlets have numerous bold headlines about any one pending economic horror. Many of these claims are based on bad economics and poor analysis of statistics. In a sort of economic propaganda, politicians use this as a means to justify power grabs. They’ll want to enact some form of trade barrier or labor regulation, which can sound good on the surface. In reality, offshoring and automation have increased living standards and alleviated poverty not just at home, but around the world.
If you click on any liberal website, it won’t take long until you find an article bashing capitalism and advocating socialism. They are well intended in their cause for social justice, but fail to acknowledge capitalism for the sensational display of human order. All around the world, people voluntarily exchange goods and services in the pursuit of profit. In that pursuit, some of the most amazing things have come to fruition.
Whenever I debate with people on the role government, I often hear “the government should do X” almost as though the state is an omnipotent solution to everything and can do so at no cost. I hear this mostly from the left. They essentially believe that government spending more efficiently allocates resources than a competitive market. Furthermore, they view government spending as necessarily expansionist and a correctional tool for market failures.