It's getting better all the time

We obviously don’t live in a perfectly libertarian world, but libertarians have had a pretty impressive winning streak in recent decades, especially on economic policy. Income tax rates are way down. Numerous industries have been deregulated. Most price controls have been abandoned. Competitive labor markets have steadily displaced top-down collective bargaining. Trade has been steadily liberalized.

Simultaneously, the intellectual climate has shifted to be dramatically more favorable to libertarian insights. Wage and price controls were a standard tool of economic policymaking in the 1970s. No one seriously advocates bringing them back today. The top income tax bracket in the 1950s was north of 90 percent. Today, the debate is whether the top rate will be 35 percent or 39 percent.

Timothy B. Lee