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Article: Of games and grinches.(Opinion)
- Article from:
- RCR Wireless News
- Article date:
- April 23, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jeffrey Silva
The notion that government intervention should be an act of last resort when markets fail has gained popularity among economists and policy-makers in recent decades. It was Milton Friedman's credo. There is less certainty about what to do about government failure. The laissez-faire legacy dates back to the 18th century of Adam Smith's time, but took firm root in modern times here during the Reagan years. Remember the supply-side revolution? Though still not the Democrats' cup of tea, the free-market camp has by and large triumphed.
Laissez faire is largely mainstream today, meaning Republicans control the intellectual debate that ...