Conservative Economics

Here is an excellent portrayal of the difference between a conservative and a liberal approach to economics.  It is a clip of Phil Donahue interviewing Milton Friedman on the subject of capitalism [HT: Justin Taylor].

Here’s the bottom line: conservatives support the free market because they are realists, not idealists.  The free market is not perfect (because people are not perfect, and people drive the free market), but it is the best we can do in this fallen world.  When government gets too heavily involved in the economy in order to check abuses, it only ends up exchanging one set of abuses for another, only now those abuses become larger as power is concentrated into fewer hands.  Liberals love to criticize the greed inherent in capitalism, but they naively suppose that there is some kind of alternative.  Greed is a fact of life.  It is a universal human vice, and no government is going to change that.

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