The Market Doesn't Solve Problems; People Do

The Market Doesn't Solve Problems; People Do by Louis Rouanet, Mises Institute

It is wrongly accepted by many liberals (i.e., libertarians) that most, if not all, social problems can be “solved by the market.” But clearly, the “market” cannot magically solve our problems. Let it be clear that there is no doubt that the best way to have social progress is to have a free market economy. However, free markets are not solutions to problems, per se, but are rather what gives us the opportunity to find our own solutions to our own problems by finding the most valuable way to serve one another. For example, Frederic Bastiat famously wrote in The Law that: “At whatever point...