Following Hayek, society may legitimately guarantee a minimum subsistence to workers who lose jobs through morally arbitrary economic change, but must never guarantee their existing income stream, because doing so insulates people from forecasting and adapting to the dynamic process that generates prosperity.

normativepending

Speaker

Mike Munger

Evidence Quote

what we must never do is guarantee their existing income stream

Source

Mike Munger on Fair Trade and Free Trade 12/3/2007EconTalk
Created: 6/17/2026, 10:31:24 AM

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