It is always easy to point out the errors of a false argument one creates on his own. There are so many false premises in RS's well stated argument that it is not worth the effort. There is no evidence in all of history that the markets will self-regulate and at the same time not cause incalculable suffering to the population at large.
Anyone can state the opposite proposition but I have yet to see anything other than a well stated, albeit false, argument.
Perhaps, but I give this wonder of government and quasi-government regulated economy about 3 to 6 months before it falls into an inflationary recession that could possibly lead to an inflationary depression. Then come back Phil and talk about false premises. Also Phil, in the mean time I would definitely prepare myself for those eventualities. The premise that the economy is not self-regulating defies the obvious, that People and their behavior is not and cannot be regulated by government. The economy will always react to the emotional direction of the consumer and despite all the efforts of government to contravene in the matter it cannot, even with all its regulations and oversight, operate the economy contrary to the laws of economic science. The economy will self-regulated despite all the efforts of government, and you will witness that fact in time. Whether the government regulates or doesn't regulate, politics has little power to direct the economy over a long period of time. If, as you state, a self-regulating economy would lead to incalculable suffering, then by all means look at what the attempts of a government-regulated economy, more people have lost their livelihoods, their savings and have been forced into poverty under government regulated economies than ever lost under a self-regulated economy with limited oversight. In terms of limited, I speak of those enumerated powers that are delegated to the government in the Constitution.
