Ep. 687: Peter Leeson Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Fallacy of Unconstrained Choice
The fallacy of unconstrained choice involves pretending that we have at our disposal any quality of any sort of system. It's like pretending that I could actually choose the Bentley when the Bentley wasn't available because I only had $200, not $175,000. In other words, in the same places where government works extremely well, like the United States or in Texas, if we got rid of government, anarchy would also work pretty well. If that's right, it doesn't make sense to compare first best welfare outcomes under first best governments,. say the United States, to the welfare outcomes under and best, the really poor, anarchy and Somalia.
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