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The death of Apple co-founder Steve Jobs, who was well and justly eulogized in the national media, offers perspective on the meaning of the free market.
Jobs became an icon of the free market by creating products that people bought because they wanted them.
But many of today’s most attractive opportunities to get rich are not in the free market at all, and this is noteworthy in the national debate on the future of tax policy and the economy.
It’s argued that taxes on the wealthy should not be increased because if they keep their money, they will, through the free market, create the jobs.
Because that is obviously not working, we are told that they are keeping their money parked on the sidelines only because the regulatory environment is too uncertain to allow them to invest. Both major political parties are responsible for that.
But much of today’s wealth creation is not coming from the free market.
This is true in New Mexico more than in most states, with our national laboratories, military bases, and the industries that serve them underpinning so much of our economy.
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