Is the Market a Test of Truth and Beauty?

(Jacob Rumans) #1
Chapter dzǹ: Is Ļere a Bias Toward Overregulation? ȂȂȀ

counterbalance powerful minority pressures working for specific spend-
ing programs (Wall Street JournalȀȈȆȇ, p.ȁǿ).

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Activists on all sides of the abortion issue are examples of what I call
“hobbyists,” who engage in political study and activity not so much for
obvious material gain as because they have identified themselves with
some mission or are seeking an outlet for their energies or a sense of partic-
ipation in admirable causes. Hobbyists include people who want a federal
crash program to cure a disease that killed a relative, or who have lost a
child in a boating accident and therefore seek federal regulation, or want
subsidies for art or music, or want preservation of the unspoiled wilderness.
People acting out of disinterested public spirit count among the hobbyists;
the term is not meant disparagingly. Stretched a bit, the term also covers
“consumer advocates,” who, for the publicity they thrive on, require “a con-
stant supply of new charges against new villains ... suitably printed in the
hot ink of outrage” (StiglerȀȈȆȄ, p.Ȁȇȇ).
By the very nature of their “hobbies,” just as by the very nature of spe-
cial economic interests, most hobbyists are pressing for more government
activity. A belief in laissez faire or limited government is itself a hobby for
some people, to be sure; but it is just one among a great many hobbies, most
of which do tend toward interventionism. It is no real embarrassment for
this argument that some intellectuals do take anantiinterventionist stand.
Of course some are libertarians, but psychological factors and aspects of
the democratic process make it difficult for their view to prevail in practice.
Hobbyists are charmed at having one central focus, Washington, for
their persuasive efforts and charmed by the prospect of using the force
of government toimposewhat they want. Success seems easier along that
route than along the route of persuading myriads of individuals voluntarily
to observe, for example, stricter standards of boating safety. Hobbyists
seeking entertainment or a sense of participation are inclined to want to
be in fashion. If altruist and interventionist doctrines prevail, they will go
along.


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Ļe politician, to thrive in his career, must recognize the voters as they
are—the average voters with their susceptibilities, the special interests and
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