The problems with soft socialism, ‘free’ goods and services, and collective ownership
From Richard Epstein’s article for the Hoover Institution “The Problem With Soft Socialism“:
Bernie Sanders constantly pushes Medicare for all and free college tuition for all without ever understanding that with a price of zero dollars, supply and demand will be perpetually out of whack. Consumer demand explodes with the promise of free goodies, while the supply of goods and services shrinks given the want of revenue to cover wages and capital expenditures. When public price or wage controls ensure that supply will necessarily outstrip demands, only two responses, in tandem, occur. Queues form and quality declines.
And here’s more from Epstein on collective ownership of assets:
The challenge to the
The problems with soft socialism, ‘free’ goods and services, and collective ownership – Publications – AEI18 hours ago