The Economists Who Put Government Power Ahead of Freedom
Popular economists like Stephanie Kelton and Mariana Mazzucato lend academic prestige to the idea that deficits do not matter and that bureaucrats can steer innovation better than the free market. Their technocratic vision ignores the private wealth crowded out by state spending and the inflationary transfer of resources to the politically connected, and worst of all, they overlook the incentive problems faced by state actors.
The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.
Every generation produces its slew of mouthpieces for state power at the expense of freedom. Statist economists are some of the most sophisticated of these, for three reasons.
First, they appear to criticize the current crony capitalist system, when in reality they defend it and want it reinforced in different ways. Second, they usually rely on statistics and mathematics to make their cases “scientifically,” making it more difficult for the layman to see through the flaws in their thinking. Third, they couch their argumentation in “feel-good” moral values, to which superficially the public can feel drawn, such as the fight against inequality.