Free Market

Advocates of modern monetary theory (MMT) say that the government can spend what is necessary to provide benefits that people need. The down side to this is that the government must decide what is needed instead of market forces. This creates winners and losers. For example if the government wants national healthcare the private healthcare business is gone. The extreme example of this is communism. The central government decides what is needed and how to produce it. Communism failed because is impossible to determine in advance how many pairs of shoes are needed or how many bushels of wheat. This results in overproduction in one area and underproduction in another. The miracle of the free market is how it adjust to supply and demand.