In a Wall Street Journal Letters offering, one writer, in supporting the Chamber of Commerce’s change of position regarding massive government intervention into our private economy, wrote
The 2020 economy is far different than that of 1980, and so what is good for business now is necessarily different.
This is wrong on two counts. The first is that the reason the economy of 1980 seems different from that of 2020 is the explosion of government intervention and intrusive regulation over those 40 years. That’s not actually an economic difference, though; it’s a government behavior difference, with the economy changing in result, not from its own intrinsic evolution.
The other is that what’s good for business is a constant: a free market that’s competitive among businesses, a free market with government intervention and regulation limited to ensuring that business managers don’t lie in their contracts or their advertising and that those managers don’t abuse whatever monopoly power might come their way. Sound economic principles don’t change.