Suppose that you applied for health insurance and the insurance company said that they wouldn’t insure you because of some pre-existing condition. What should you do?
- Call your congressman to write a law forcing all insurance companies to insure you.
- Find an insurance company that will insure you anyway.
As Arnold Kling writes, the two choices represent the market approach to life or the philosopher king approach. Plato vs. Milton Friedman.
One solution, that might be traced to the expression "philosopher-king" associated with Plato, is to hand the reins of government to the best and the brightest. Since the late 19th-century, the Progressive Movement in American politics has championed this approach. The Progressive vision, which [Progressive Brad] DeLong embraces, is to channel brains and technical know-how through government in order to improve people’s lives.
The other approach is the Milton Friedman way. It is the wayof limiting the power that other people have over us, with constitutions andmarkets.
Friedman’s insight is that a market limits the power thatothers have over us; conversely, limiting the power that others have over usallows us to have markets.
Progressive DeLong has a saying, according to Kling: “Why oh Why Are We Ruled by These Idiots?” It’s a good point. But what is the best way to avoid such misery? Find bright, intelligent, wise people to rule over us, or limit the power of any person to rule over us?
That, of course is the great Question of our time and of every time.
No comments:
Post a Comment