Epstein: "Democratic socialists understand that their collective utopia cannot function without the information and performance generated by private markets. So how does the collective we 'pool' resources? Bold words notwithstanding, they sense that the abolition of all private property is a step too far. So they try to chip away at this structure in the search of higher equity. Elizabeth Warren has a hair-brain scheme to make corporations more accountable by allowing government officials to appoint some fraction of their members, without explaining how any director can simultaneously owe fiduciary duties—the highest legal obligation to act in the best interest of a party, and the rule that keeps our corporate law going— to parties with adverse interests. Bernie Sanders constantly pushes Medicare for all and free college tuition for all without ever understanding that with a price of zero dollars, supply and demand will be perpetually out of whack. Consumer demand explodes with the promise of free goodies, while the supply of goods and services shrinks given the want of revenue to cover wages and capital expenditures. When public price or wage controls ensure that supply will necessarily outstrip demands, only two responses, in tandem, occur. Queues form and quality declines.
The economic disruption will of course have political consequences. As the formal restraints on state power erode, factions will continue to vie for political advantage. In these settings, the one side can only win if the other side loses. This, in turn, ups the pressure on resources, which become ever more scarce. The tragedy is that Democratic Socialists are blind to both logic and history as they try once again to peddle to the public an experiment that has already failed far too often."
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