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← Michael, we hardly knew ye

The Plc's Avatar Jump to comment 4 by The Plc

But let’s not get carried away. As every economist knows, the market system, based on the free exchange of goods, is the greatest prosperity-generating machine ever invented.

Is that so? Every economist? As I understand it, the consensus amongst those who aren't massive ideologues is that things are rather ambiguous regarding the causality of economic growth, due to the massive numbers of variables and data involved in judging these things. In fact, economic historians argue that protectionism and state intervention are correlative to economic success, citing the evidence of the societies that have massively relied, and continue to rely on, high levels of protection and state intervention - namely Britain, the United States and Japan.

Mon, 30 Aug 2010 20:03:13 UTC | #508176