American Enterprise Institute’s Post

Rapid globalization and technological change have left too many Americans behind, but the failure of Bidenomics is a reminder that doubling down on industrial policy is not the solution. In a new essay for National Affairs, AEI economist R. Glenn Hubbard proposes a revitalized free-market policy agenda that could rebuild opportunity and prosperity for all Americans.

Markets for the People

Markets for the People

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Mark J. Guay, LL.M.

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3mo

The free market ideology died in 2008 when it was shown to be what it really was - “bail out economics”. For Glenn to say that we need “customized interventions” is just an attempt to go back to unfettered markets and tweak the system as politicians wish. Many in Congress can’t even agree on who won the last election, and you want them to drill down and micromanage the entire economy? And giving TFG credit for Covid 19 solutions is devoid of facts. So he wants us to basically “trust me” to get it right this time? Sorry, but too many lobbyists and other power grabbers with their thumb on the scale to believe in such an ad-hoc private ordering ideology to work. Its premise, market equilibrium, at best is punctuated. Glenn is selling repackaged 1980s Friedman 20th century ideology. It’s over. The Great Recession and Covid ended it. Good riddance. Let’s move forward in the 21st century.

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