The End of Progress? | Richard W. Rahn | Cato Institute: Commentary

The End of Progress? | Richard W. Rahn | Cato Institute: Commentary: "it takes some time to figure out how to regulate new industries. Old industries, such as energy production, transportation and education, are heavily regulated. Accordingly, the people do not get the benefits of lower costs and better products in these industries that would be possible if the regulators were not outlawing innovations. The United States and other governments are now in the process of destroying the global financial industry through misguided and destructive regulations. Few medical advances come from countries that have nationalized medicine, and if Obamacare is allowed to continue in the United States, it is almost a certainty that medical progress will be stifled and millions will die unnecessarily early.

The government has not figured out how to destroy the Internet and advances in computers. So the struggle goes on between those who try to innovate faster than the government can find ways to outlaw the future. It is no surprise that as governments grow, the rate of technological progress in those countries slows down and vice versa.

There is a titanic struggle now going on in Washington over the size of the U.S. government. Those who want a smaller government are, in effect, saying they want to unleash the future with all of its benefits by removing many of the regulatory and tax restrictions that impede human progress, while those who seek a bigger government are, in reality, pushing for a less prosperous and less kind future."