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It is no use attempting to prevent increasing involvement by government in the economy by standing athwart reform yelling “unintended consequences,” demanding “less government,” or responding to problems of equity with proofs of the inefficiency of suggested solutions. Instead, if market capitalism is to survive the assaults of statists and populists, the former far more dangerous than the latter, we need what might be called a neoorthodoxy—the development of new adaptations of the basic truths taught by great economists from Adam Smith to John Maynard Keynes. From those adaptations—reforms, if you prefer—might emerge a new capitalism, the latest form of this most resilient of economic systems. Irwin Stelzer, senior fellow and director of Economic Policy Studies at the Hudson Institute and columnist for the Sunday Times (London), will deliver the rescheduled March Bradley lecture at AEI.

Irwin Stelzer writes and lectures on economic and policy development in the United States and Britain. A former resident scholar and director of regulatory policy studies at AEI, Mr. Stelzer is currently a senior fellow and director of the Hudson Institute’s economic policy studies group. He also is the U.S. economic and political columnist for The Sunday Times (London), and the Courier Mail (Australia), and comments weekly on European economies for the Wall Street Journal Europe. He is a contributing editor of The Weekly Standard and a member of the advisory boards of National Affairs and the American Antitrust Institute. Mr. Stelzer founded National Economic Research Associates Inc. (NERA) in 1961 and served as its president until a few years after its sale in 1983 to Marsh & McLennan. His academic career includes teaching appointments at Cornell University, the University of Connecticut, and New York University. He has served as economics editor of the Antitrust Bulletin and is the coauthor with John Shenefield of Selected Antitrust Cases: Landmark Decisions: The Antitrust Laws: A Primer (AEI Press, 2001); he is the author of a collection of "Lectures on Regulatory and Competition Policy" published by the Institute of Economic Affairs; and Neoconservatism (Atlantic Books, 2004).