The accumulation of economic distortions must be faced. The longer we delay the hard decisions the more difficult the needed solutions will become.
Most politico-economic policies in our time are in response to the demands of this or that special interest group, while the general interest is ignored.
Political support for saving and building of wealth seems to offer little promise of popular acclaim or votes at elections.
I am convinced that Smith is not only relevant today but that his insight and wisdom, if applied to today's world, would yield only a freer but a more productive and equitable set of economic arrangements than if we applied a mixture of what was thought to be the best of contemporary thought.
I will only note that economic inequalities somehow still survive despite the incredible complexities that have been written into the law to reduce them.
One of the problems has been that government has also decided that the tax system can be used as a handy incentive to prod businessmen and individuals into doing supposedly desirable things.
When competing services are available, people have a choice. Competition changes freedom from an empty battle cry into a vital part of everyday life.
In its loopholes, the federal income tax shows bias in favor the low (or no) producer and against the high producer and earner.
Granted that the free market is a buttress of liberty, a coordinator of free collaboration, is it a self-sustaining mechanism in a deeper sense?
While we have had short periods where inflation rates have been more intense, a decade of 5 percent plus average inflation is without precedent in the history of the Republic.