Socialism Works, But Only if You Know Their Names
After Walter Willams' dinner speech last night, Robert Barro asked a question about whether the government had any obligation to provide any socialist-type safety-net programs for the general good.
Walter responded something like this. "Let me make this perfectly clear. I support and practice many types of socialist programs including income redistribution, welfare payments, disability support, free health care, and social saftey nets. But I only practice socialism IN MY OWN FAMILY; and socialism like this only works when you know the names of the people involved. In any situation when you personally can't name everybody involved, then the market is superior to socialism."
Bottom Line: Within a family, socialism works much better than the market. Outside of a family, the market usually works much better than socialism. Good point, Walter!