Why Ron Paul Was Right: Focus on Incentives

The Libertarian Institute - All Podcasts

https://youtu.be/9V_VpWvsWns

When facing any issue in society, it’s important to ask which group of people have the knowledge to improve the situation and the incentive to make such changes arise. The most well-meaning people in society cannot “solve” poverty or ignorance if they themselves do not understand why some people and nations are wealthy and others are not.

Even if one does claim to have the knowledge necessary, say, to “bring democracy to Libya,” does he have an incentive to make sure that such a thing is done without massive long-term harm to civilians? Politicians and voters almost are never punished for supporting bad policies, no matter how disastrous, and thus their incentive to avoid them is negligible.

– Keith Knight, Domestic Imperialism

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