As we’ve noted before, Keynesian central planners suffer from fatal conceit. They think they are smart enough to plan and direct the economy better than the free market. When you boil it all down, these people believe they can do a better job of making your economic decisions than you can. After all, a free market is nothing more than the aggregate of all of our individual economic choices. Paul Krugman serves as the poster child for central planning arrogance, but another Nobel Prize-winning central planner is making a name for himself by tearing down the free market. Joseph Stiglitz claims capitalism is “rigged.” But as economist Bill Anderson shows in an article recently published on the Mises Wire, Stiglitz has got it completely wrong. Capitalism – in the true sense of the word – isn’t rigged. Socialism is.
