Peter Boettke, Policy is the Problem:
Bottom line, it is policy that is causing the slow adjustment of the market to changing circumstances, not market forces themselves. All readers must remember Adam Smith’s words: “The natural effort of every individual to better his own condition, when suffered to exert itself with freedom and security, is so powerful a principle, that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often incumbers its operations.” When this doesn’t happen, we need to ask about the thousands of impertinent obstructions that are incumbering the adjustment path.
