FEE: Why Markets Are Better Than Mob Rule

FEE: Why Markets Are Better Than Mob Rule

The free market is the economic foundation of a free, pluralistic society. Laissez-faire economics stands for the idea that the government should stand aside and let individuals do what they want or need to do.

In America, we celebrate our democracy. But, the free market is often a more fitting way to way to deal with the decisions in daily life. Democracy is fine if it stays in its own lane. But unbridled democracy just means majoritarian rule.The Free Market Liberates

To protect us from mob rule, the Framers of the US Constitution put in a series of checks and balances to create a process for deliberation and procedures for dispute resolutions for when human errors and injustices inevitably occur. As Madison wrote in Federalist No. 51, because men are not angels, laws and government are necessary.  But, speaking as a lawyer, laws can be a real buzzkill. Rules are inherently restrictions and prohibitions, whether enacted by the federal government, county, or even a homeowner’s association.

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