As Chang points out, no market is actually a free market. There are always regulations and rules that change the market considerably, and we just unconditionally accept a lot of the existing limitations. Free market economists who claim that people trying to put limitations on the market are politically motivated are equally politically motivated.

There is an important election coming soon in the United States, and the demagoguery regarding socialism, welfare, religion, foreign policy, terrorism, the poor and the rich, once again pervades the minds of the myopic masses as they often do.

Australian journalist Mike Dowson has an excellent article asking why the massive wealth and productivity gained through technological innovation in the past 100 years hasn’t translated into a universal 120 days of…