I’m still at the Liberty Camp in Slovenia, doing my best to teach young Europeans about the importance of individual liberty, free markets, and small government. (also doing a bit of sightseeing, as you can see from the pictures below)
This morning, one of the other presenters showed a short video taken from the first-rate “Commanding Heights” program. It told the brief story of how one man, Ludwig Erhard, single-handedly put Germany on the road to post-war recovery by doing away with price controls.
This video is a lesson in character – and an example of doing what’s right.
Erhard did not have authority to change the price controls, but, with a certain degree of cleverness that would make Bill Clinton proud, he decided that this didn’t preclude him from simply abolishing them.
In doing this, he showed personal courage. He did something bold. And he went against so-called expert opinion.
And he helped millions of people enjoy a better life by reducing the burden of government.
We need more people with this integrity. In America and everywhere else.
People who will go against the grain to promote freedom.
People who will take risks to advance liberty.
People who will do the right thing, even if it doesn’t advance their career.
Not that I’m asking for selfless gestures. As Erhard’s episode demonstrates, sometimes doing the right thing at least means people say nice things about you.
[…] Indeed, while the United Kingdom was becoming the “sick man of Europe,” West Germany boomed in large part because it went in the other direction,getting rid of dirigiste policies such as price controls. […]
[…] Indeed, while the United Kingdom was becoming the “sick man of Europe,” West Germany boomed in large part because it went in the other direction,getting rid of dirigiste policies such as price controls. […]
[…] Indeed, while the United Kingdom was becoming the “sick man of Europe,” West Germany boomed in large part because it went in the other direction, getting rid of dirigiste policies such as price controls. […]
[…] P.S. Some people incorrectly claim Western Europe recovered after World War II because of government aid (the “Marshall Plan”). The real credit belongs with people like Ludwig Erhard. […]
[…] of Ludwig Erhard, here’s a video clip on what he did to trigger West Germany’s […]
[…] The post-war German economic miracle was triggered by the removal of price […]
[…] then West Germany, triggered by the free-market reforms of leaders such as Ludwig Erhard, became a rich nation while East Germany lagged far […]
[…] 2011, compartí un video que destaca el papel de Ludwig Erhard en la liberación de la economía de Alemania […]
[…] the bright side, Germany rejected socialism by getting rid of price controls and allowing markets to flourish (the video overstated the degree to which a welfare state was […]
[…] I started this column with a video, I’ll recycle a video I first shared nearly 10 years […]
[…] policy led to massive shortages, black markets, and hoarding. Fortunately, as described in this video, a very clever economist […]
[…] policy led to massive shortages, black markets, and hoarding. Fortunately, as described in this video, a very clever economist abolished those controls, thus setting the stage for Germany’s […]
[…] supposed experts advised against this liberalization, much as so-called experts advised Erhardt not to remove price controls in post-WWII […]
[…] in 2011, I shared a video highlighting the position of Ludwig Erhard in releasing the West German financial system. Given at […]
[…] in 2011, I shared a video highlighting the role of Ludwig Erhard in freeing the West German economy. Given today’s topic […]
[…] in 2011, I shared a video highlighting the role of Ludwig Erhard in freeing the West German economy. Given today’s […]
[…] Ludwig Erhard deserves much credit for West Germany’s post-war […]
[…] P.P.S. Germany needs another Ludwig Erhard. […]
[…] need Ludwig Erhard, but we got Donald […]
[…] The post-war German economic miracle was triggered by the removal of price […]
[…] when you weaken or cripple markets with various forms government intervention (price controls, taxes, third-party payer, etc), that leads to distortions that reduce […]
[…] Rico needs its version of Ludwig Erhard. Instead, it’s governed by people who apparently learned economics from Hugo […]
[…] why one of the 20th Century’s economic heroes is Ludwig Erhard, who unleashed the post-war German miracle by abolishing the price controls imposed by the allied […]
[…] moral of the story from both videos is very straightforward. If the answer is bigger government, you’ve asked a very […]
[…] price controls such as the infamous “doc fix.” The problem with this approach is that price controls are notoriously ineffective and politically […]
[…] moral of the story from both videos is very straightforward. If the answer is bigger government, you’ve asked a […]
http://www.cato.org/pub_display.php?pub_id=12123