Posted on 03/14/2017 12:29:38 PM PDT by John Conlin
The economic system called capitalism has been described in many ways but at its core it is quite simply free people freely interacting with other free people. Capitalism has transformed the world by producing more wealth than any other economic system in the history of civilization.
But why does it produce such wealth? Some have said freedom is the magic potion; that left to their own devices free people will outperform any other economic system.
That is true but the ultimate reason is deeper and firmly based in science and fact. In the past few decades a great deal of research has been done on what is called swarm intelligence.
(Excerpt) Read more at johnconlin.typepad.com ...
I think you lied. Your link does not go to American Thinker.
It goes to E.I.C. Enterprises - Blog.
What about that?
Supply and demand, along with hardship, personal responsibility, and rewards for output. Remove any one of those five and it all collapses. That’s why the government is always alleviating you of the burden. They want it only for themselves.
Milton Friedman has always been my hero. He convinced me decades ago that gov’t cannot solve two billion simultaneous equations per second, which is pretty much what a free market does. Still, there are many in Washington with enough hubris to think they can. As usual, they are wrong.
sorry if that bothered you, there is a link to the article there too. Here is the American Thinker link...
http://www.americanthinker.com/blog/2017/03/the_science_behind_capitalism.html
I apologize if I violated some rule of thumb. Enjoy! ;-)
I don’t think it is science.
Even if you consider economic modelling and analysis as science, they don’t prove as deterministic as a classical physics experiment.
You either see a benefit to freedom or you don’t.
The chief difference between the systems have to do with how information flows between people, and how resources are allocated to different purposes and priorities.
The reason capitalism works so well is that the people who know how to do productive things tend to get access to resources, which enables them to do more productive things.
Under socialism and communism, the flow of information and resources is controlled by other factors.
The fruits of labor and a system of morals.
Consumer choice.
Consumer choice promotes competition and players in that arena may choose to lower their prices as a way to differentiate themselves from their competitors.
Econ 101
https://www.youtube.com/watch?v=D3N2sNnGwa4&list=PL4742023192B69941
Uncle Miltie will tell you everything you need to know.
Science? It’s just human nature and human experience.
To quote Adam Smith, “It is not to the benevolence of the butcher or baker that we owe our dinner, but to his self-interest.”
Self-interest motivates us to do more, greater, bigger, cheaper, to compete, to develop, to expand, to create the new. Central planning stagnates individuals and societies, creating barriers to growth.
Capitalism and free trade work inside the USA. Trying to practice that with the rest of the world it is a disaster.
Don't lose sight of that point; capitalism is an economic system, not a system of governance.
Notable systems of governance are Socialism, Fascism, Nazism, and the most popular, an Oligarchy.
None of these is in opposition to capitalism. Capitalism exist in all forms of governance; the difference is simply in who owns or controls the capital, the individual sovereign or the government.
I favor a government whose primarily duty is to protect rights. Americanism is capitalism protected by the Constitution.
“Uncle Miltie will tell you everything you need to know.”
Wow, that’s a great link. Thank you. Ten hours of learning from the master!
I take the Ayn Rand approach to this topic. She observed that at one time in history liberals (classical kind) championed capitalism because it was good and right.
But at some point we got sucked into the ludicrous responsibility of explaining the virtue of capitalism on superior outcomes. By default conceding that it is not a more “moral” choice.
I, like her soundly reject that default premise.
Found this video today. 90 minutes to watch both.
More education than a BS in Econ.
Here is my FB tag for it:
Adam Smith: Father of Economics or Father of the Modern Age?
You decide:
https://www.youtube.com/watch?v=8ruiUOQERnw
That is a smart, nicely written comment. Thanks!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.