Bryan's Thought Experiment
By Arnold Kling
After fifty years of libertarian dominance in academia, we’d be in the same situation. Lots of our least-favorite policies would be drastically scaled back. But we’d seem out of touch for demanding abolition, and spend a lot of time complaining that “No one listens to us.”
I am not sure that Bryan would agree. He has this theory of “idea traps,” in which bad ideas lead to bad outcomes which lead to populists with more bad ideas, etc. If libertarian ideas are as good as we say they are (think of how well they worked when they were tried in our Constitution), then maybe the economy would do so well that populist schemes would lose support.