Chapter dzǺ: Economics and Principles ȂȄȆŏśŚŏŘšşŕśŚ
In conclusion and in summary, economic theory helps clarify the useful-
ness and necessity of leaving much in the realm of good and evil to infor-
mal principles and their decentralized, nongovernmental enforcement. It
also points out dangers to such principles and obstacles to such enforce-
ment. It helps explain the role of broad principles in assessing economic
policies and helps explain why the merits of each specific government
intervention, narrowly assessed, are not the only relevant considerations.
We should appraise each proposed intervention, as best we can, for its
likely legal, political, social, and ethical repercussions—for its repercus-
sions on the system as a whole. If we avoid appraising and comparing
alternative economic systems as wholes, if we avoid forming and acting
on a coherent conception of the good society, we shall make momentous
choices in ignorance and by default. Ļe opposite approach, respecting
principles, would go far, I believe, toward reinstating the wisdom of the
Founding Fathers regarding the scope and power of government.
ŞőŒőŞőŚŏőş
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