Irwin Stelzer delivered a thought-provoking and entertaining lecture yesterday evening at the American Enterprise Institute. You can watch it here.

Stelzer argues that conservatives need to deal with the hand the financial crisis has dealt them, by supporting policies that encourage competition (like antitrust), include the cost of negative externalities in the price of goods (like a revenue-neutral carbon tax), and deal intelligently with problems of market failure (like a Financial Consumer Protection Agency). The talk is the result of Stelzer's search for a "neo-orthodox" approach to economics that cheers capitalism as the best way to create wealth and allocate goods and services, while also acknowledging that the system creates inequalities and inefficiencies and negative externalities. That search has taken place in the WEEKLY STANDARD, and the Hudson Institute, in articles like these. Highly recommended.

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