Excerpt of the Day

In the final proofing of my book, Free Our Markets, I noted some passages I thought might go well here on the blog of the same name. Here is one from Chapter 2, “Profit and Loss Guide Innovation”:

We could fill many books with such examples, but these three illustrate the point: We should endorse and celebrate profits that are earned in free markets, because they come from creating value for other people. We should condemn profits made through the political means, because they come from transferring rather than creating value, and they provide misleading signals about where human effort and other resources should be applied to help humanity flourish. Crony capitalism is a helpful term that has come into use since the many government bailouts of the financial crisis of 2008.  We should applaud free-market capitalism but condemn crony capitalism. This book is not pro-business; it’s pro-market.

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