Ok, I’ll admit up front that this blog entry is going to seriously undermine my small L libertarian cred because libertarianism’s very foundation is built around Adam Smith’s treatise on classic liberalism economic theory The Wealth of Nations. The “invisible hand” of the free market is, at best, infallible and at the least, far better than any government-controlled, centrally-planned economic system.
While I agree with the premise of free market economics from a normative point of view, from a descriptive/realistic perspective, I think the concept ofLaissez-faire economics is not exactly grounded in realism.
In order for a (totally) free market economy to function, both consumers and producers (the demand-side and supply-side, respectively) would have to act rationally, even if it requires sublimating self-interest, which ironically is not rational.
Again, I feel compelled to state that I’m not a socialist, social democrat, or communist. I’m very much a capitalist. However, to quote an article I read some time ago from Mr. Conor Bond with the same title as this blog post…
article entirety provide historical context market always However post salient point seldom brought political absolutely
theories always ignorance