Speaking of the administrative state, Russ Roberts’s latest EconTalk podcast is with my colleague Pete Boettke.
Pierre Lemieux celebrates the beauty of trade. Here’s his conclusion:
The reason for the beauty of trade lies in its bringing utility to the individuals involved and, in the long run, to most if not all individuals in society. Even monks benefit from trade. At any rate, there is no way to know if a poor of today would have been happier in a pre-modern economy; he might as well have been a serf. As [John] Hicks says, “So long as the trade is voluntary, it must confer an All-round Advantage.” This applies to trade over political borders as much as within them–if not more, for international trade also reduces the power of national leviathans.