Since the 1970s, we have learned that the state was the source of everything bad happening in the economy. We learned that the private sector was always in equilibrium because of the market forces, while the state was always subjected to economic populism. This idea has its origins in Adam Smith’s concept of the invisible hand, later complemented by Bentham’s utilitarianism. The idea is quite simple: each individual is looking rationally for his/her own personal well-being; as a result, the conjunction of each individual action results in an optimal social and economic situat...
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