Video: Dr. Robert Murphy: Government Stimulus: Repeating the mistakes of the Great Depression

First Published: 2009-06-26

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When the government has to decide how many pigs are to be raised or how many busses are to be run, which coal mines are to operate, or at what prices shoes are to be sold, these conditions cannot be deduced from formal principles or settled for long periods in advance. They depend inevitably on the circumstances of the moment, and, in making such decisions, it will always be necessary to balance against the other the interests of various persons and groups. In the end somebody's views will have to decide whose interests are more important; and these views must become part of the law of the land, a new distinction of rank which the coercive apparatus of government imposes upon the people.

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Video: Dr. Robert Murphy: Government Stimulus: Repeating the mistakes of the Great Depression

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