Saturday, November 19, 2011

Hillsdale, Economics, and Occupy WS - #3427 - Fantastic Column on Occupy Explains Why They Prosper from The Miracle of Capitalism - Rush Limbaugh

Read how one Hillsdale Professor taught his class about the basics of economics, don't miss this one.

....... Okay, back here to Gary Wolfram, Hillsdale College. "The Wall Street protesters, in their hatred of capitalism, overlook things including the fact that over the last 100 years capitalism has reduced poverty more and increased life expectancy more than in the 100,000 years prior. Every semester I ask my students: 'What would you rather be? King of England in 1263 or you?' Turns out, students would rather be themselves. They enjoy using their iPhone, indoor plumbing, central heating, refrigerators and electric lighting." How is it that a nation of less than 250 years became the most powerful nation on earth in human history, outdoing nations and civilizations that have been around for thousands of years, or multiple hundreds of years? How is it that we were able to conceive ourselves out of nothing 200-plus years ago and become a power for good, an economic power, unlike any the world's ever seen? Our DNA's no different than the DNA of people in Europe or Asia. How did this happen? This gets to it. "How is it that for thousands of years mankind made very little progress in increasing the standard of living and yet today half of the goods and services you use in the next week did not exist when I was born?" This is the professor talking to his students. "How is it that for thousands of years mankind made very little progress in increasing the standard of living --" think of that, thousands of years. "-- and yet today half of the goods and services you use in the next week did not exist when I was born? It wasn't that there was some change in the DNA such that we got smarter. The Greeks knew how to make a steam engine 3,000 years ago and never made one. The difference is in how we organize our economic system. The advent of market capitalism in the mid 18th century made all of the difference.  Read entire article.........

1 comment:

  1. The problem with articles like this is that it assumes there's only one extreme or the other.
    Anything other than 100% unregulated free markets with flat taxes = Soviet Russia.
    Can you see the flaw in that logic?

    Sure, there are a few OWS people naive enough to think Capitalism itself is the enemy. But most Occupiers know that the problem isn't capitalism, it's the ABUSE of capitalism.

    Capitalism isn't inherently evil. And guess what: Neither is Socialism. In fact, they need each other. In a healthy society, Capitalism and Socialism co-exist in a symbiotic relationship. The only question is: What ratio of the two would be optimal?

    We've always had Socialism of some sort in America. Our roads, bridges, schools, fire departments, public libraries, electric and sewage systems, police departments, military, etc. All socialized. And most would not exist if left to the private sector alone. And if given over to the profit motive, all of these programs would be much more expensive and difficult to use. (we're already starting to see that with private military contracting)

    And for capitalism to work for everyone, it needs rules and regulations. Otherwise predators take advantage of the system to exploit and victimize everyone else. And that's exactly what caused the 2008 global crisis. And it's exactly why the Occupy Movement exists. The rules and regulations of Capitalism were weakened or relaxed, allowing greedy predators to victimize the rest of us.

    An analogy: When you play a game of Football, you use rules. And you enforce them. Otherwise it would be chaos. If you removed the rules and/or stopped enforcing them, or only enforced them for poor players and let rich players cheat, who would win?
    Well, THAT's who is winning in our present broken system. And honest working folks who play by the rules are getting screwed.

    If you want the 99% to embrace Capitalism again, make it a Capitalism that will work for everyone. Because right now it clearly doesn't.