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Two Cheers for Libertarianism and Econ 101 (with Noah Smith)

However, the question is, what do you do about that power? And, I think the libertarian view, at least in my understanding of it, would be that you want to limit power wherever it exists. So, if there’s a local bully or a corporation that’s abusing its power, the idea would be to limit that power through competition or through other means that don’t involve the state coming in and using its power to countermand that. So, I think there’s a difference there in terms of how you view the role of the state in countering those local bullies.

But, I think your point about the need for some level of state intervention to counteract those power imbalances is well-taken. I think it’s a question of where you draw that line and how much power you want to give to the state to counteract those local bullies.

Now, going back to your first critique about the need for national defense and the potential role of industrial policy in supporting that, I think that’s a really interesting point. And, I think it gets at this tension between the ideal of liberty and the practical realities of the world we live in. As you mentioned, there are bad actors out there who would seek to do harm to us if given the opportunity. And, in order to defend ourselves against those threats, we may need to take actions that limit our freedom in the short term in order to preserve it in the long term.

I think that’s a really important insight, and I think it speaks to the complexity of the world we live in. It’s not always as simple as just saying, “Let’s maximize individual liberty in every circumstance.” Sometimes, there are trade-offs that need to be made in order to protect that liberty in the long run.

So, I think your essay is a really valuable contribution to the ongoing debate about the role of the state and the limits of individual freedom. And, I think it’s a great example of how intellectual humility and a willingness to engage with opposing viewpoints can lead to greater understanding and insight. Thank you for sharing your thoughts with us today, Noah. It’s been a pleasure to discuss these issues with you. In a recent discussion, the emphasis was placed on the power of individuals to walk away from certain products or services, highlighting the ability to exit as a form of power. This power of choice is significant as it allows people to opt out of using products or services that may have market power, even if they are widely available or popular. While this power may not be as coercive as the power of the state, which can enforce compliance through force, it is still a form of power that individuals possess in a free market economy.

The conversation also delved into the idea of market power and social power, acknowledging that both can influence consumer behavior and decisions. For example, the discussion touched on the impact of scandals on institutions like the church, which may lose credibility and influence as a result. Similarly, the conversation explored the market power of tech giants like Google, which was once feared to have a monopoly on search and information but has since faced competition in the form of new AI technologies.

The conversation also touched on the role of industrial policy in shaping national and global dynamics. The United States was highlighted as a key player in maintaining global public goods and providing essential services like pharmaceutical innovation and national defense. The discussion also raised questions about the need for nations to maintain their own industrial capacity for defense and security, rather than relying on other countries like the US to provide for them.

Examples like Poland and Israel were cited as countries that have taken steps to bolster their own defense capabilities, recognizing the importance of self-reliance in an uncertain world. The conversation underscored the complexities of balancing national sovereignty with international cooperation, and the challenges of navigating global power dynamics in an increasingly interconnected world.

Overall, the discussion highlighted the importance of individual agency and choice in a free market economy, as well as the broader implications of market power, social power, and industrial policy on national and global dynamics. It served as a thought-provoking exploration of the various forms of power at play in shaping our world today. The debate surrounding government intervention in the economy and the welfare state is a complex and multifaceted issue. In a recent conversation between economists Noah Smith and Russ Roberts, the topic of government interference in the economy was discussed, particularly in the context of Israel’s defense industrial base.

Israel has implemented extensive interference in its economy to maintain and expand its defense industrial base, with the goal of being able to defend itself effectively. However, Roberts pointed out that some of these policies, such as keeping out foreign eggs to support chicken farmers in the northern region, may have self-interested components that do not necessarily align with the overall welfare of the population. The argument that this policy helps secure the northern border by maintaining a population in that area may not be the most effective or ethical way to achieve that goal.

Smith added that the libertarian argument against government intervention often fails to consider the welfareist perspective, which emphasizes the importance of providing support to those in need. While some may argue for a completely free market economy, most societies recognize the need for some degree of welfare state to support the less fortunate. Different countries make varying choices about the extent of welfare provision, but the consensus seems to be that some level of support for the poor is necessary.

Roberts also mentioned the potential of private charity to address social issues, but acknowledged that it may not be sufficient on its own. The conversation touched on the complexity of the welfare state in different countries, with varying levels of government intervention and support for citizens. The discussion highlighted the importance of understanding the reasons behind certain policies and the impact they have on society as a whole.

Overall, the conversation between Smith and Roberts shed light on the nuances of government intervention in the economy and the welfare state, emphasizing the need for a balanced approach that considers both economic efficiency and social welfare. It is clear that the debate on these issues will continue as societies grapple with finding the right balance between individual freedom and collective responsibility. After living in England for four years and interacting with friends who have lived there longer, I have come to appreciate the Israeli healthcare system. While both countries have government involvement in healthcare, I have found that I would prefer to be under the care of the Israeli system. This realization has made me reconsider my views on welfare and the role of government in providing essential services.

The devil is in the details when it comes to healthcare systems, and there are significant differences in how healthcare is administered in different countries. Despite both Israel and the United Kingdom having government involvement in healthcare, the quality and accessibility of care can vary greatly.

In a recent conversation with Russ Roberts, I admitted that I owe Libertarians an apology. I had previously focused on criticizing libertarianism without fully understanding the positive impact it can have in society. I had been too focused on marginal thinking, considering only incremental changes to our current system. I failed to consider the inframarginal effects of larger societal changes.

The recent political upheavals in the United States, particularly during the Trump administration, made me realize the importance of looking beyond the margins. I had not anticipated the social and policy changes that occurred, and I had underestimated the potential for drastic shifts in society.

While I initially dismissed Trump’s policies due to personal characteristics, I now understand the importance of focusing on policy rather than individuals. It is essential to consider the broader implications of political decisions and the erosion of norms that can occur when leaders prioritize power over democratic principles.

The willingness of political leaders to bypass traditional checks and balances in favor of executive orders and authoritarian tactics is concerning. While previous administrations have also utilized executive orders, the trend towards cutting political corners for expediency is troubling.

For example, the use of tariffs through executive orders demonstrates a willingness to circumvent the traditional legislative process. This approach can have far-reaching consequences and undermine the democratic principles that form the foundation of our society.

In conclusion, my experience with different healthcare systems and the political developments in recent years have led me to reconsider my views on government involvement and the importance of upholding democratic norms. It is essential to look beyond the margins and consider the broader implications of policy decisions to ensure the preservation of our democratic institutions. The conversation between Noah Smith and Russ Roberts delves into the evolution of political forces in the United States, particularly within the conservative movement. Smith reflects on the historical uniqueness of the conservative movement in America, which has traditionally focused on economic liberty as a core pillar. He contrasts this with other countries like Japan, where the political Right is more corporatist and protectionist in its economic outlook.

Russ Roberts adds to this by highlighting the fact that even within the conservative movement in the US, the emphasis on free markets has often been more rhetorical than practical. While figures like Reagan and Bush paid lip service to free-market principles, their policies often included interventions that contradicted these ideals, such as quotas on Japanese cars.

The conversation then shifts to the decline of the libertarian wing within the Republican Party, with Smith attributing this shift to immigration. He points out that Reagan, a staunch supporter of immigration, was able to appeal to a broader audience, including liberals, due to his stance on this issue. However, in more recent times, the Republican Party has shifted towards a more restrictive stance on immigration, which has marginalized the libertarian wing within the party.

Overall, the discussion sheds light on the changing dynamics within the conservative movement in the US and the impact of shifting political forces on its ideological makeup. It raises questions about the future direction of the conservative movement and the role of free-market principles within it. In the 1990s, the issue of illegal immigration began to gain traction in the United States. People were starting to voice their concerns about the influx of immigrants and the impact it was having on society. Pat Buchanan and others advocated for restrictions on welfare benefits for both illegal and legal immigrants, leading to the Personal Responsibility and Work Opportunity Reconciliation Act of 1996, which significantly limited access to federal welfare programs for immigrants.

However, this anti-immigrant sentiment was not universally accepted. Prop 87 in California, which aimed to strip illegal immigrants of state welfare benefits, failed and resulted in backlash from Latino voters against the Republican Party. Despite this setback, the issue of immigration continued to simmer under the surface, with growing discontent among certain groups in America.

Fast forward to the present day, and the issue of immigration has once again taken center stage in American politics. The debate is no longer just about illegal immigration but has expanded to include discussions about legal immigration, national borders, and the concept of what it means to be an American. Economic policy issues that once dominated the political landscape have taken a back seat to these identity-driven debates.

The rise of Donald Trump and the shift in focus from economic policy to issues of national identity have reshaped the political landscape in America. The narrative has changed from “It’s the economy, stupid” to “What does it mean to be an American?” This shift has marginalized advocates of market-oriented economic policy, leaving them with little airtime and influence in the current political discourse.

Libertarian thinkers, who have traditionally championed free trade and open borders, have struggled to address the growing concerns about immigration and national identity. Their emphasis on the free flow of goods and people across borders has clashed with the prevailing sentiment among many Americans who value national sovereignty and control over immigration.

The disconnect between libertarian ideology and the realities of identity politics has left many in the movement at odds with the current political climate. As countries around the world, including the United States and England, have shifted towards the right, the focus on national borders and identity has only intensified.

In conclusion, the issue of immigration has evolved over the years, from a fringe concern in the 1980s to a central focus in today’s political landscape. The clash between libertarian ideals and the realities of identity politics has highlighted the need for a more nuanced approach to addressing the complex challenges of immigration and national identity in the modern world. Closing borders and preserving national identity have been hotly debated topics in recent years. Many countries around the world are grappling with the question of who belongs and who does not. The rise of nationalism and populism has led to a resurgence of closed borders and strict immigration policies in many nations.

In the United States, the issue of national identity has always been complex. As a country built on immigration, America has struggled to define what it means to be American. For much of its history, the narrative was dominated by white men, leading to a narrow and exclusionary view of American identity. However, as the country became more diverse, the narrative began to shift, allowing for a broader and more inclusive definition of what it means to be American.

Despite this progress, the 21st century has brought new challenges to the American narrative. With increasing diversity and political polarization, the question of who we are as a nation has become more contentious than ever. The rise of identity politics has further complicated the issue, leading to a fractured and divided society.

In this climate, leaders play a crucial role in shaping the national narrative. Throughout American history, there have been a few key figures who have had the opportunity to define what America stands for. From George Washington to Ronald Reagan, these leaders have shaped the country’s identity for decades to come.

One such leader, Franklin Delano Roosevelt, had a profound impact on American identity during his time in office. Despite his flaws and controversial decisions, FDR’s rhetoric and vision for America helped to unify the country during some of its darkest moments. His leadership during the Great Depression and World War II brought Americans together and inspired a sense of national pride and unity.

Similarly, Ronald Reagan’s presidency marked a turning point in American politics. While his policies may have been divisive, Reagan’s ability to appeal to a broad swath of voters and articulate a vision for America helped to shape the conservative movement for years to come. His emphasis on individual freedom and limited government laid the groundwork for a new era of American politics.

As we navigate the complex landscape of national identity and immigration policy, it is essential to remember the role that leaders play in shaping the narrative. By examining the legacies of past leaders and learning from their successes and failures, we can work towards a more inclusive and unified vision of America. Ultimately, it is up to all of us to define what it means to belong and to create a society that reflects the diversity and richness of our nation. Another view says that they were exceptional because they were able to tap into something in the American spirit or in the American people. They were able to articulate something that resonated with a broad swath of the population. They were able to lead because they were able to tap into that spirit of America. Which of those two views do you think is more accurate?

Noah Smith: Yeah. I think it’s a combination. I think they were all exceptional leaders, and they all had exceptional qualities. But, I also think they tapped into something that was there. I think that you can’t just have–you can’t just have those kind of leaders in a vacuum. You can’t just have–like, there are–you know, people argue, like, ‘Oh, well, if we just had a great leader, then we wouldn’t have these problems.’ But, no. I think the great leader has to come out of the problems. They have to be a reflection of their time. They have to be a reflection of the people who are following them. And, I think they all did that. They all–you know, like, George Washington was the right leader for the time, for the early Republic. And, he–like, there were a lot of ways in which he could have been a tyrant, and he could have used his power for bad. But, he didn’t. He gave it up. He stepped down. He created the precedent of the two-term limit. He created the precedent of, like, not–you know, not, like, taking power for himself. And, that was a reflection of the kind of country that America was at the time.

And, you know, Lincoln was the right leader for his time. He was a great leader. He was a great orator. He was, you know, a great thinker. He was–you know, he had all these qualities. But, he also was able to tap into this, like, this kind of, like, moral outrage at slavery. And, he was able to tap into this kind of, like, ‘We’re the good guys; they’re the bad guys.’ And, that was–you know, that was–he was able to tap into something that was there. He was able to tap into something that was already there in the American people. And, I think that’s true of all these leaders. I think they were all great leaders, and they all had great qualities. But, they also were able to tap into something that was already there in the American people.

Russ Roberts: So, for Reagan, what was it?

Noah Smith: For Reagan, I think it was this kind of, like, this kind of, like, old-fashioned American, like, rugged individualism. I think it was this kind of, like, ‘You can do it yourself; you don’t need the government.’ I think it was this kind of, like, ‘We’re the good guys; they’re the bad guys.’ I think it was this kind of, like, ‘We’re the shining city on the hill.’ I think it was this kind of, like, ‘We’re the beacon of freedom.’ I think it was this kind of, like, ‘We’re the–you know, we’re the–we’re the–we’re–you know, we’re the–we’re–you know, we’re–we’re–we’re–you know, we’re–you know, we’re–you know, we’re–we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you know, we’re–you 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Roosevelt, and Ronald Reagan often come to mind. These individuals are seen as exceptional political geniuses who rose to the occasion during times of crisis. However, there is a debate about whether their greatness was a result of the crises they faced or if they were inherently great leaders.

Reagan, in particular, is someone who I believe people struggle to accept as a political genius. He was consistently underestimated, both intellectually and in terms of his political acumen. Despite this, Reagan was able to achieve great success during his time in office, leaving a lasting impact on American politics.

Similarly, Donald Trump is another figure who is often underestimated as a political genius. His ability to win two national elections, despite facing opposition and criticism, is a testament to his skill as a leader. Trump has a knack for seeing opportunities that others may overlook, allowing him to succeed where many thought he would fail.

When comparing these leaders to others in history, such as Adolf Hitler, Joseph Stalin, and Mao Zedong, it becomes clear that not all leaders are able to rise to the occasion during times of crisis. While the crisis may create an opportunity for greatness, it ultimately comes down to the individual’s choices and actions.

In the case of Washington, Lincoln, FDR, and Reagan, it can be argued that they made the right choices during their respective crises, leading to their recognition as great leaders. They were able to navigate through difficult times and make decisions that benefited their nation as a whole.

Overall, it is important to recognize the role that crisis plays in shaping great leaders, but it is ultimately the individual’s choices and actions that determine their legacy. Washington, Lincoln, FDR, and Reagan all rose to the occasion and made the right choices, solidifying their place in history as exceptional leaders. The Importance of Mental Health in Today’s Society

In today’s fast-paced and stressful world, mental health has become more important than ever. With the rise of technology and social media, people are constantly bombarded with information and expectations, leading to increased levels of anxiety and depression. It is crucial for individuals to prioritize their mental health in order to maintain a healthy and balanced life.

One of the key reasons why mental health is so important is because it affects every aspect of a person’s life. When someone is struggling with their mental health, it can impact their relationships, work performance, and overall well-being. Mental health issues can also lead to physical health problems, such as heart disease, obesity, and diabetes. By taking care of their mental health, individuals can improve their quality of life and reduce the risk of developing these serious health conditions.

Another reason why mental health is important is because it can impact society as a whole. When a large portion of the population is struggling with mental health issues, it can lead to higher rates of crime, substance abuse, and homelessness. By addressing mental health concerns and providing support to those in need, we can create a healthier and more productive society for everyone.

Furthermore, mental health plays a crucial role in one’s ability to cope with stress and adversity. Life is full of challenges and setbacks, and having a strong mental health foundation can help individuals navigate these difficult times with resilience and determination. By developing healthy coping mechanisms and seeking support when needed, people can effectively manage their stress and overcome obstacles in their lives.

In order to prioritize mental health, it is important for individuals to engage in self-care practices and seek professional help when needed. This can include activities such as exercise, mindfulness, and spending time with loved ones. It is also important to destigmatize mental health issues and encourage open discussions about mental health in order to create a supportive and understanding environment for those who are struggling.

Overall, mental health is a vital component of overall well-being and should be prioritized in today’s society. By taking care of our mental health, we can lead healthier and more fulfilling lives, as well as contribute to a more compassionate and understanding society for all.

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