Readings on conservative economics

If you want to hold your own in the inevitable arguments, that is -- from The Corner:

A likely feature of the political debate of the next few years will look something like this. Conservatives will make a specific argument about a specific public-policy dispute — say, NR's editorial today questioning the need and wisdom of appropriating the second half of the TARP funds — and liberals will then respond not with a meaningful rebuttal of the specific argument but instead with a general attack on conservative credibility. "Your free-market ideology led to the worst recession since the Great Depression," they will assert. "Why should we believe anything you say now?"

Getting ready for this tactic means mastering the details of the bipartisan economic policy mistakes that have led us to the present moment, including excessive money creation, coddling of Fannie and Freddie, whipsaw imposition of post-Enron accounting rules, and regulatory constraints on production and investment. But it also means shoring up the intellectual defense of our basic conservative principles. The process will need to include clear definitions (distinguishing between purportedly "pro-business" policy and true market-based policies where bad economic decisions are allowed to lead to loss and failure) and solid empirical studies demonstrating how political and economic freedom make people wealthier, healthier, and happier.

A good starting point would be to read the latest Index of Economic Freedom, published by the Heritage Foundation and the Wall Street Journal.....

More to come. Conservatism must be innovative, adaptive, and relevant — but it should never been defensive. We're on the side of freedom, and it works.