One of the best 7-minute speeches I have seen so far. Walter E. Williams, professor of economics at George Mason University, summarizes the whole problem of economics and politics in less than ten minutes.
His critical remarks do not even spare his own profession:
A favorite research project for college professors is to get five hundred or six hundred thousand dollar grants to do studies on poverty and have meetings in Miami in a nice hotel to talk about the poor.
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Thanks for sharing this informative video. I have also found the notion of market failure to be highly presumptuous for the very reason that markets have rarely been left free in the first place. It’s as if the government offers solutions to problems they themselves create. Smith warned of this tendency 235 years ago on the eve of the America Revolution.
Thanks for your comment. You are absolutely right. One exception, a country with limited government intervention, can be found in the 19th century USA. Yes, I admit it was not perfect but way closer than today’s USA. Yet, the 19th century was also the time when the US grew to become the most successful country in the world. Today, with government spending at about 40-50% of GDP, we’re moving the opposite direction. Unfortunately.