American Elephants

Economist John Taylor on the Ethics of Wealth by The Elephant's Child

Professor John Taylor, who teaches at Stanford and is a fellow at the Hoover Institution, has served as an economic policy adviser to a number of presidents. He’s a big-picture guy and definitely someone to listen to. He finds our current economy disturbing. He is also an economic freedom guy. “Democracy” he often reminds others, “is not a spectator sport.”

Stanford economist John Taylor spoke March 14 as part of the Center for Ethics in Society’s “Ethics of Wealth” series. In this lecture John B. Taylor puts forth the view that government actions and interventions are themselves a major cause of domestic economic problems. Drawing on the history of economic policy during the past 50 years and empirical evidence on the impact of specific policy actions, Taylor shows that cutting back on those government interventions that suppress competition, blunt incentives, and encourage regulatory capture can be expected to increase real income growth, reduce unemployment, and alleviate poverty.

This is a fairly long lecture, and worth every minute, so plan to take the time. You’ll be glad you did.

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