I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.
A claim for equality of material position can be met only by a government with totalitarian powers.
Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information?
It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide.
We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice.
The mind cannot foresee its own advance.
