Most people are painfully aware that there is something seriously wrong with our economy. It is apparent to even the dullest individuals that these are difficult times. Unfortunately economic quackery is in “abundant” supply—while sound economics is scarce. Illusions that have evolved into the delusions of the masses threaten the “American Way of Life.” Of course the purveyors of these illusions benefit at the expense of everyone else—at least in the short-term.

Information and the Marketplace

The marketplace is one vast dispenser of information. When you take into account all the values of billions of individuals, the amount of available information is overwhelming—definitely much too overwhelming for any individual or groups of individuals to integrate. This doesn’t prevent altruists, do-gooders, world improvers and politicians from claiming they are more intelligent than the mechanisms of the marketplace. And of course, they think they know what you need for your happiness better than you do.

Let me place myself in the position of Economic Czar. I possess the following attributes.

1. I have a greater grasp of praxeology (economics) than Ludwig von Mises, Murray Rothbard and F.A. Hayek combined. I know—this is absurd. It is ridiculous to claim that I’m in the same league as any of these great economists. However, let’s pretend that I’m the master praxeologist.

2. I am the greatest philosopher in the history of mankind. Socrates, Aristotle and Ayn Rand couldn’t possibly stand in my shoes. I can outwit any of these philosophers. I hope I’m at least getting a chuckle out of you.

3. I have surpassed Sigmund Freud, Carl Jung and Abraham Maslow in the field of psychology. Compared to me they had a limited understanding of how the human psyche operated.

4. I have reached total oneness with all there is. In fact some believe I’m the messiah the prophets predicted would arrive in the new millennium. Jesus, Buddha, Mohammed and Krishna step aside.

5. My mind operates faster and more efficiently than any computer. In fact my IQ is immeasurable. Albert Einstein and Stephen Hawking are morons compared to me.

With all the above attributes I possess—referring to me as a super-human would be an understatement. In fact some might question if I’m still a human being.

Even with all of this incredible cosmic and personal power, the role of Economic Czar would be beyond my ability. It would be impossible for me to figure out what each individual needs and desires—since each person is unique. Can you imagine me or any other groups of individuals deciding what should be produced for all the members of the human race—where it should be produced and how to utilize the various scarce resources.

Here’s the real kicker. How could we possibly keep up with everyone’s changing desires? Some are born—some die. Individuals move forward from infancy—to childhood—to adolescence—to adulthood—to old age. Each period of life means values that are refined or changed. It is beyond any person or group to figure it all out. That is why communism and socialism failed miserably and finally collapsed. And that is precisely why individuals acting in their own best interest make up a marketplace that coordinates their values and desires in the most effective way possible. It is obvious why unhampered capitalism is the only social system that actually works for the benefit of the greatest amount of people.

Only an omnipotent and omniscient being would have a chance to figure it out—and that is questionable. That is probably why God or The Universal Mind created the laws of the universe and gave men and women the ability to figure them out. The laws of praxeology (economics) come from this source. These laws state that any interference on the marketplace with the voluntary exchanges of individuals or groups of individuals is doomed to failure. Adam Smith understood this principle when he talked about “the invisible hand.”—the invisible hand of the marketplace.

Altruists, Absolute Moralists, Politicians and Government Interventionism

Incredible as it may seem we have groups of individuals who believe they can improve the workings of the marketplace. They also claim to know what’s best for everyone. These individuals are known as altruists, absolute moralists or politicians—or in the most deadly case; a moralistic altruist becomes a politician. They are devout supporters of government interventionism. Since it is apparent that this interventionism is destroying the economy and the “American Way of Life”—you may wonder why they continue on this path of destruction.

It is obvious that these individuals are delusional and quite possibly insane. I would say that the belief that you can blithely violate basic laws of the universe borders on insanity—if it isn’t actually downright insanity. And when you fail to acknowledge the disastrous results of your actions---. I’m sure it comforts you to realize that our economy is run by people who suffer the pathology of craziness—which means our political institutions are insane asylums.

How about the voters who continue to support these people? It makes a person wonder. The establishment media has been devilishly effective in convincing the masses the emperor is fully clothed—in magnificent custom designed attire—and that he has all of his marbles in pockets of unfathomable depths. If the masses finally awoke from their long nightmare and realized the emperor was stark naked and had lost his marbles—the coming economic chaos might end up being somewhat temporary instead of permanent—and it is possible that “The American Dream” could be revived.

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