In addition to his side job as Director of Undergraduate Studies for the Economics Department at Harvard University, Jeff Miron is Director of Economic Studies at the Cato Institute.

He’s also the narrator of this video from Learn Liberty that discusses three myths about capitalism.

Unsurprisingly, I think Jeff is right on the mark. Here are some of my thoughts on the three myths, but I’ll take a different approach. I’ll state the truth and then add my two cents to Jeff’s debunking.

1. Capitalism is pro-consumer, not pro-business.

I think the myth about a link between capitalism and big business arises because defenders of free markets often are in the position of opposing taxes, regulations, and mandates that also are opposed by the business community. But for some reason, many people overlook the fact that those same advocates of free markets also oppose cronyist policies that are widely supported…