Kenneth Friedman – Myths of the Free Market
Kenneth Friedman – Myths of the Free Market
Kenneth Friedman – Myths of the Free Market
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Kenneth Friedman – Myths of the Free Market
The most significant book in economics and politics since John Maynard Keynes is Myths of the Free Market. It presents a wide range of criticisms of free market economics that have not been presented elsewhere. laissez faire has not maximized wealth despite our genuine faith in the free market. Our economic growth increased when we moved from the purer free market policies of the 1920s and early 1930s. Growth has slowed since we moved back to a purer free market. Our trading partners have different economies. This is not new. The free market economies of Great Britain and France were not as strong as the mixed economies of Germany and Meiji Japan. It is worse. laissez faire is incompatible with institutions that increase wealth. One example is patent protection. It is worse than before. The excessive concentration of wealth is promoted by Laissez faire. There has been a 200-300 year cycle of wealth dispersion. It presaged decline and disaster for all of society when wealth disparity grew. The disparity of wealth is the greatest in our history. Kenneth Friedman received his PhD in Philosophy of Science from MIT. He was quoted in The Wall Street Journal.
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