Sacred to the memory of the Rev Thomas Robert Malthus, long known to the lettered world by his admirable writings on the social branches of political economy, particularly by his essay on population.
One of the best men and truest philosophers of any age or country, raised by native dignity of mind above the misrepresentation of the ignorant and the neglect of the great, he lived a serene and happy life devoted to the pursuit and communication of truth. Supported by a calm but firm conviction of the usefulness of his labours.
Content with the approbation of the wise and good. His writings will be a lasting monument of the extent and correctness of his understanding. The spotless integrity of his principles, the equity and candour of his nature, his sweetness of temper, urbanity of manners and tenderness of heart, his benevolence and his piety are still dearer recollections of his family and friends. Born February 14, 1766 Died 29 December 1834.
According to this logic, government shouldn’t intrude through minimum wages, high taxes on top earners, public spending to get people back to work, regulations on business, or anything else, because the “free market” knows best.
In reality, the “free market” is a bunch of rules about (1) what can be owned and traded (the genome? slaves? nuclear materials? babies? votes?); (2) on what terms (equal access to the internet? the right to organize unions? corporate monopolies? the length of patent protections? ); (3) under what conditions (poisonous drugs? unsafe foods? deceptive Ponzi schemes? uninsured derivatives? dangerous workplaces?) (4) what’s private and what’s public (police? roads? clean air and clean water? healthcare? good schools? parks and playgrounds?); (5) how to pay for what (taxes, user fees, individual pricing?). And so on.
These rules don’t exist in nature; they are human creations. Governments don’t “intrude” on free markets; governments organize and maintain them. Markets aren’t “free” of rules; the rules define them.