Here’s the opening paragraph of Tim Worstall’s calling-out of Dan DiMicco for endorsing protectionism for the U.S. steel industry:
I’ve been guilty of more than my fair share of brazen chutzpah over the years but this sally into the form from Dan DiMicco still has the ability to take even my breath away. For DiMicco was the CEO of Nucor and he’s calling for trade protection for the American steel industry. That American steel industry which has suffered so grievously from the competition from Nucor. That Nucor which Dan DiMicco used to be the CEO of. That American steel industry which has suffered more from the competition of Dan DiMicco’s Nucor than it has from anything the Chinese have done.
I confess to being one of those classical liberal economists who doubt that the existing banned-until-permitted policy was ever justified [for new medical products] in the first place. Voluntary institutions and traditional legal incentives work well to make it self-damaging to take, buy, produce, sell, or prescribe drugs that are ineffective and/or unsafe. There is a natural demand for the assurance of quality and safety, and that motivates the supplying of such assurance, by means purely voluntary and through the civil court system. Drug regulation should look more like food regulation. If it did, we’d all be a lot healthier.
Eamonn Butler remembers F.A. Hayek. A slice:
Hayek saw freedom as critical to spontaneous orders. When we force people to act in preconceived ways, we disrupt the delicate workings of society. And if spontaneous social orders are to evolve and strengthen, they need new ideas, not preconceived ones.