Glory Liu

The price mechanism signaled what producers wanted to produce and what buyers wanted to buy.

So the price mechanism was a way to organize and allocate most efficiently.

And therefore, once you recognized how prices did that, you didn't need centralized planning.

And in fact, a lot of the time, experts, bureaucrats...

government organizations act like private interest groups and create huge inefficiencies.

I think what we see in the Friedman-Stigler interpretation is a way of treating the market as a moral thing in and of itself, right?

While it appears objective, scientific, and politically neutral to say that this is how prices work,

There's an implicit moral claim that those are the most important values, right?

As opposed to equity, as opposed to universalism, democracy.

Here's a current example.

The opioid epidemic.

Why was it so bad?

We could look at it from the standpoint of like the psychology of addiction, but we could also look at it from the standpoint of the failure of regulatory bodies and perhaps the market incentives to push a drug onto the market.

And as much as we think that might have been efficient in terms of allocation, it was horrible from the perspective of just human welfare.

I will deliver a bold plan to cut taxes and grow our economy.

Given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.

And I thought, well, yes!

There is no such thing as public money.

There is only taxpayers' money.

He meant free from rent, free from extraction of value from the system.