"One of the great mistakes is to judge policies and programs by their intentions and not by their results." — Dr. Milton Friedman
The free market has long been recognized as one of the best methods for consumers to get a wide variety of choices, while at the same time the competition for the consumer dollar incentivizes producers and sellers to offer the best possible value for the price.
Free market advocates have demonstrated that, all too often, interventions in the market such as tariffs, regulations, taxes, and so forth - imposed with the best of intentions - not only rob the consumer of choice but increase the ultimate cost of goods and services.
The $787 billion economic stimulus package passed and signed into law last month had any number of co-sponsors in Congress, but in a real sense its main author was someone deceased for more than 60 years:John Maynard Keynes.The measure, and proposals subsequent to it, represent a tribute to a highly flawed, though highly original thinker.They also speak of a larger ongoing and recent pendulum shift in theory and policy.