The Making of an Ex-Democrat

Journalist / blogger Stacy McCain fields a few questions.  This part caught our attention:

Q. Mr. McCain, how would you describe your political foundations, such as your economic, social and national defense leanings?

A. To begin with, I’m an ex-Democrat. As far as I’m concerned, anything that is good for the Democratic Party is bad for America, and vice versa ..

In economics, I’m an Austrian – Ludwig von Mises and Friedrich Hayek. That goes back to the mid-1990s, when an editor of mine in Georgia, Tommy Toles, used to give me his back issues of The Freeman: Ideas on Liberty, a monthly publication of the Foundation for Economic Education, which is heavily influenced by the Austrian School. The basic point was made by Mises in 1922: Socialism, in whatever form it may assume, simply doesn’t work. However much liberals want it to work – to improve or reform society, to create more equality and “social justice” – their economic agenda simply can’t overcome the basic facts.

HT InstaPundit.  Find McCain’s blog here.

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Hayek’s ideas that the price system is a consolidator of information and a distributor of knowledge, as well as simply a way of assuring efficiency and exchange, is probably as penetrating and original an idea as microeconomics produced in the 20th century. — Lawrence Summers

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