We aren’t respecting others’ liberty, dignity, and autonomy as independent and independently valuable moral agents when we coerce them.
“Every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him.” ~ Adam Smith
For all its imperfections, American business does a pretty good job — a much better job, Cowen argues, than most people think, and I, for one, agree.
There are a lot of ways firms and workers can adjust to higher minimum wages without anyone actually losing his or her job.
Countless minds and countless hands have contributed to the slow march of civilization and helped to create a modern world (one fraught with problems, which I don’t minimize) in which I can perform innumerable operations closed off to previous generations without thinking about them.
Hayek worked in the context of the near death of civilization in the world wars, near-universal enthusiasm for socialism among the intellectuals, and repeated exhortations in the face of periodic economic troubles that this time really was the Final Crisis of Capitalism.
Would it be a tragedy if Williamson were an anthropology virtuoso who, in dropping out of Duke and taking his talents to the NBA, eschewed a career of path-breaking, world-rocking anthropological scholarship? No.
So long as there are new ways to think about the conflict between someone who has been bitten by a radioactive spider, a crime lord who has lost his family, and a mad scientist with mechanical tentacles, there will be room for economic progress.