Laissez faire, the invisible hand, and competition lead to more innovation and efficiency in every aspect of life whereas nationalization and state-run companies lead to bureaucracy and a slow down in innovation. Making the regulatory changes will be difficult to impossible to reverse but if the US wants to stay on top and keep moving forward, it is be necessary.
Free trade (no tariffs) is in the consumer's best interest
America is an economic and political miracle arising out of two ideals - Adam Smith's invisible hand and the Declaration of Independence
Greatest threat to human freedom is concentration of power
Even if can produce everything more efficiently than another country, it is not in our interest to produce everything. Should focus on what we do best
Huge difference between equal opportunity and equal outcome. Not everybody will, or should, "finish the race at the same time". Equality of outcome destroys freedom
Competition is better for the consumer not because of businessmen's altruism but because it is in their self interest
What I got out of it
Some very powerful arguments which call for fewer government handouts and less economic restrictions. Undoubtedly many of these changes would be very difficult to implement due to governmental gridlock but they should be striven for. I think this book pairs well with Taleb's Antifragile.
