What is the problem with liberal economics?

I’m an economic liberal. I think that some regulation is necessary, but that we have more regulation than we presently need, and that this tends to act in favour of the large corporations who can most easily absorb the costs of this regulation. I think that the government wastes enough money at present that it has the scope to their cut taxes or redistribute money in a far more straightforward and direct way.

I believe in the ability of people to have their own values and decide, as much as possible, how best to spend money in pursuit of those values. I believe that diversity and competition are important both in their practical effect of raising standards and in their liberal principled effect of giving people choice and freedom.

I also believe that people should pay fairly for the costs of their actions and their unearned benefits. They should pay for the pollution that they cause, and they should pay for wealth that they have received purely through the acts of others.
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