Scott Burns is the Charles E. Blackwell associate professor of economics at Southeastern Louisiana University and a frequent contributor to the Independent Institute. Caleb S. Fuller is an associate professor of economics in the Winklevoss School of Business at Grove City College and a Research Fellow with the Independent Institute.
Free traders love quoting Adam Smith’s dictum that “What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.” And...