With the almost constant statist apologetics we hear from many government and academic economists, writes Ben O’Neill, it is hard to believe that the discipline of economics was once a thorn in the side of the state and its political elite. So commonplace are fallacious economic arguments advocating state control that it sometimes seems that refutation of all of these arguments has become a case of cutting the heads off the Hydra â€” a tiring and fruitless endeavor.
But if economics is to become an instrument of freedom and prosperity instead of an instrument of statism, then there are certain fundamental fallacies that must be continually challenged and discredited. Chief among these is the persistent non sequitur from externality to coercion â€” that is, the bogus conclusion that coercion is a proper means to solve problems involving economic externalities. FULL ARTICLE