The real threat to free markets lies in the regulatory state.

On November 13, 2017, millions of Americans had high blood pressure for the first time. It wasn’t even Thanksgiving.

Public choice analysis shows, among many other things, that organized political interests will tend to dominate the political process at the expense of the unorganized members of society. This is not a claim that “the rich” will necessarily dominate “the poor” in the political process, although the rich obviously have an advantage in influencing...
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