Here’s a simple recipe:
- Take a free market.
- Add politicians, bureaucrats and rent-seekers, and then stir.
- Leave to bake for decades, and voila! What you have is this:
It’s what Stephen Hicks, the academic who drew it up, calls it “The Sociology of Dysfunctional Nonstandard Political-Economic Systems” – or in simpler terms, “How We Got Into This Friggin’ Mess.”
Visit Stephen’s site to download your own copy, or for an even longer version, with even more details.
(Public Choice theorists, like new blogger Eric Crampton, will love it.)