Agreed.
The simple example that I use to zero in on libertarian economics is this: China now has virtual monopoly on our anti-biotics. Has does libertarian economics respond to this?
Yes. Here's how I see it. Free markets, free choices is the rule. National security and national interest is the exception.
We need to retain the manufacturing capability here for some strategic things especially as we head into a potential conflict period with China. How to make that happen in our best interest and not wrapped up in crony government corruption will be enormously complex and challenging.
Anti biotics are a good example. Masks. The world leader in protective equipment is headquartered right here, 3M, yet we had no stockpile and no ability to respond to a crisis with emergency manufacturing capability.
Just in Time (JIT) manufacturing was the craze the last couple of decades. Stock next to nothing and have every input come in exactly as needed. Then came covid supply chain interruptions and the game has changed. The new way might be called 'anti-fragile'. How do we make systems resilient
Still, what JD Vance was suggesting is alarming. He says we chose Walmart box store goods over jobs. It would have taken quite a expansion of big government and contraction of economic freedoms to stop that.
In the area of pornography he makes a good point. Free 'speech' is one thing. Protecting our children is another. There is no real mechanism to stop the 'entertainment' available to adults from reaching children and children are being harmed, so therefore ... we should do what?
