In fact, as Mark Pribonic argues in this piece, it reduces prosperity for the mass of the people, but leads to splendor for the ruling few. That was true 2000 years ago in Rome and it’s true today.

Pribonic makes the crucial point that prosperity depends on making the best use of limited resources to produce goods and services that consumers desire. Free enterprise and marketplace competition lead to the optimal use of resources. Government projects and regulations get in the way.