Innovationism

Not until about 300 years ago, when bourgeois virtues and pursuits first came to be regarded as dignified rather than as contemptible, were markets and innovationism unleashed to work their wonders at dramatically raising living standards, even for the poorest. The problem today is precisely that the values of the liberal bourgeoisie are being displaced by those of an illiberal aristocracy of intellectually glib professors, pundits, politicians, and entertainment glitterati. These “Progressives” not only deeply misunderstand the origin, nature, and role of markets, but also naively – and illiberally – forget that centralized power created with good intentions too often produces bad results. Sincerely, Donald J. Boudreaux Professor of Economics