The moral case for free markets

Today's robust GDP number may have surprised the majority of economists, but it did not surprise us here at Taylor Frigon and it did not surprise economist Brian Wesbury, who was predicting a strong rebound before almost anyone else.

Today, he posted a new installation of his "Wesbury 101" video series, entitled "The Conservatives' Big Mistake." We believe it should be "required viewing" for anyone who wants to understand where the economy is right now, particularly in light of the ongoing level of ill-informed economic commentary coming from all directions in the media.

The video above is also noteworthy for another reason. At about 3:44 into the video, Mr. Wesbury outlines what he calls "The moral case for free markets." It is a concept with an importance that far transcends the day-to-day ups and downs of the markets, or even the periodic recessions and recoveries of the broader economy. It is a concept that was eloquently championed by the late Milton Friedman and his wife, and yet one that seems to find fewer champions today.

In his video, Brian Wesbury says: "The moral case for free markets is very simple. Under a free-market system, where freedom reigns and entrepreneurship is allowed, where innovation and creativity create growth, what people do is they're able to find their own God-given best and most-productive use for their life, and if we don't have that there are lots of people who never fulfill what God in fact put them on earth to fulfill. [. . .] It's not government-directed -- it's individual-directed. It has a spiritual nature, and not just a government-bureaucratic nature."

We couldn't agree more, and we applaud Mr. Wesbury for championing the moral case for free markets and free enterprise at a time when so many seem to have lost that vision.

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For later posts on this same topic, see also:


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