Russ Roberts — Government Pathology Powered The Housing Finance Trainwreck

Non-pathological markets require non-pathological institutions — and America has neither as Russ Roberts explains.

Note well:  Hayekian analysts were pointing to many of these pathologies and others before the crisis hit.   Non-pathological markets also require a non-pathological class of regulatory, political, and scientific elites.  Institutions won’t change until the intellectual and moral pathology of the elites is addressed.  The tea party movement is a helpful first step — the next step is to directly confront America’s failed elite class, as Arnold Kling and Glenn Reynolds are doing.

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The most intelligent defender of capitalism in the modern period is Friedrich Hayek. — Irving Kristol

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