Last night, 70 of us enjoyed Tom Switzer (editor of the Spectator Australia) presenting a pessimistic overview of how the United States continues its decline; as a result of both their major parties promoting the fiction that “we can all live at the expense of someone else” (as Bastiat used to say).
This political style of “buying” votes in order to gain political control guarantees a fairly bleak outcome, and we see how similar situations developed in various European countries as well as in our own country. This outcome is always grim when countries promote this “entitlement mentality”.
Last night also gave me an opportunity of mixing with 70 of Western Australia’s upcoming bright minds and following Tom’s presentation many conversations were shared, but it left me with the feeling that we needed more time.
Questions were asked about the current focus on teaching Keynesian style economics, which promotes more and bigger government as the solution to all human problems.
“Yes, you have to study Keynesian Economics because you have to pass your exams, but don’t try using it to run a business or run a country.”
I agree that it is far more popular/populist than any disciplined suggestion of taking self-responsibility for our own and our families lives.
This has been something that has been concerning me for some time (Click here for my 1975 views, yes, exactly 37 years ago).
There is now widespread concern. An example of this is an excellent conference in Hong Kong (the Economic Freedom Network Conference Nov 6-7, click here for details). The theme for this conference is “How welfare populism destroys prosperity: the populist challenge to economic freedom”.
Their concern is that current populist policies run counter to the Asian Values Work Ethic that has seen Asia emerge to take on the role of the prime driver for the World’s economy.
“Yes, there are alternative models for nations (and businesses and families) rather than encouraging addiction to more debt and constant bailouts.
Australia has the best system of corporate restructuring and it would be a good model even for U.S. and European governments to resolve their problems.”
“Yes, capitalism with its voluntary exchange and free-markets is the most moral system, so it would be superior to socialism on moral grounds, even if it were not the most efficient.”
“No, it doesn’t make much sense for our State Government to be borrowing money to establish a so-called Future Fund”.
“No, there is no single answer or single economic guru on which you should model your own developing philosophies, simply tap into all available sources and assemble your own philosophy to enable you to have a consistent thread linking your private life, career and family affairs together.”
So many questions from last night…”yes, Mannkal will organise many more student events like this one”, and I look forward to continuing these many interesting discussions at our next event.
This event was a joint venture between ECOMS (Economics and Commerce Student Society), Mannkal Foundation, and Stuart Hatch’s Prosperity and Freedom Meet-up group (For the website, click here).