I believe there has never existed a country that has followed a pure free market theory as espoused by the Austrian school of economic thought. So there is no way to know if the theory is just idealistic and will fall apart in the real world.
So here is my proposal. Just like the Mormons settled in utah, it would be interesting to see a few states that are formed with their economic thought as part of the state constitution (if there is such a thing). The other economic thoughts would be the progressives, keynesians etc. And say in 10 years time we will know which system fares better.
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I would expect wars to result, as each state's way to "prove" that its model was superior.
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