A discussion of the Myths the Cato Institute believes those “hostile to free markets” believe. Each one is studied to see what we can learn form it.
Cato Institute Economic Myths Discussed
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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse [generous amounts of money] from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury, with the result that a democracy always collapses over loose fiscal policy, which is always followed by a dictatorship.”
1787 - Scottish historian, Sir Alexander Fraser Tytler): “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse [generous amounts of money] from the public treasury. From that...