Three Problems with Capitalism

[Sergeant Gleed]

The problem is that people inevitably look for solutions. The last two Centuries demonstrate that well enough. That's not going to stop but the cures have been worse than the disease so I understand his reticence. That said, it would indeed be "unwise" to ignore or dismiss these problems. The future of liberal capitalism depends on solving them.

The problem is routine.

People accumulate money and then turn to politics to abuse the powers of government to limit access to markets to unfairly claim and protect their market share.

They also then abuse the powers of government to manipulate labor markets to keep wages low.

Y'all got any idea what this process is called?

Right.

It's called "not capitalism"

So the so-called "problems of capitalism" are largely the problems of "not capitalism".

People who can't figure that out probably should not be posting about economics.

So...WHO is it that is guilty of abusing the power of government to artificially interfere with the healthy free-market pricing of labor?

The capitalists?

No.

The socialists.

And so the OP cites a pretend libertarian to whine about the problems caused by not-capitalism. And the poster who posted the OP doesn't even realize what he's posting.

[Cotton1]

Arnold Kling is an economist, libertarian, Austrian School, I've read and followed a long time, who, as he's matured, has evolved. From Three Problems with Capitalism, in which he poses the following problems of capitalism:



I will focus on just one that concenrs me more and more.




He doesn't have a solution but concludes "As capitalist society evolves, people move away from small villages and transact more with strangers. I would not want to reverse those trends, but how can we avoid a sense of loneliness and absence of belonging?"

Arnold Kling speaks like a true loser. Lmao..

[Chris]

He is a smart idiot and a whiner.

It is helpful to begin with the truth.

You cannot reach the truth through your logical fallacies.

[Chris]

Why are so many of your heroes foolish, damaged goods?

Another ad hom.

[Chris]

Try thinking instead of posting cultists nonsense.

There is no solution to capitalism because capitalism is not the problem, but the solution.

The three problems cited in the OP are not the consequences of capitalism.

What do you want, perfection?

You can't even be bothered to read the responses of your betters because you can't imagine reality.

The so-called problems are all made worse if capitalism vanishes, and if capitalism had never appeared, slavery would still be the norm.

So quit crying.

Capitalism has led to a market where you exchange with people you never meet. I do a lot of shopping on Amazon, make purchases there from people all around the country, all around the world, and not once to I come into contact with them. That is what the OP talks about. Like the author, I see that as a problem of capitalism and don't turn a blind dogmatic eye to it, but like the author I the benefits of that new, modern market and don't want to end it.

[Chris]

To phrase is more precisely, people create wealth by serving the needs and desires of people, and people can also become rich by stealing wealth others create.

The first is a capitalist, the other is every other system.

We all know what free market capitalism is. The point is that leads to problems.

[Chris]

The problem is routine.

People accumulate money and then turn to politics to abuse the powers of government to limit access to markets to unfairly claim and protect their market share.

They also then abuse the powers of government to manipulate labor markets to keep wages low.

Y'all got any idea what this process is called?

Right.

It's called "not capitalism"

So the so-called "problems of capitalism" are largely the problems of "not capitalism".

People who can't figure that out probably should not be posting about economics.

So...WHO is it that is guilty of abusing the power of government to artificially interfere with the healthy free-market pricing of labor?

The capitalists?

No.

The socialists.

And so the OP cites a pretend libertarian to whine about the problems caused by not-capitalism. And the poster who posted the OP doesn't even realize what he's posting.

Yea, that's deep. Capitalism good, bad not capitalism.

[Chris]

Statements like these are true, economically:

"People become rich by meeting the needs and wants of the many."

"people create wealth by serving the needs and desires of people"

These are basic rules of the Austrian School, though better stated as wealth is generated by exchange of what is valued more for what is valued less.

While true economically, they are abstractions and impersonal and do not deal with real people in communities. IOW, while true economically, they say nothing about the economic effect on society. The topic is not economics but the effects of economics on society.

[Chris]

A comment on the above^^. It is interesting that Mises and the Austrian School in their endeavor to be scientific, in the classical sense, have tried to make economics value-free, and yet at the heart of their economic vision is value: We exchange what we value less for what we value more.

[Mister D]

A comment on the above^^. It is interesting that Mises and the Austrian School in their endeavor to be scientific, in the classical sense, have tried to make economics value-free, and yet at the heart of their economic vision is value: We exchange what we value less for what we value more.

Economics and science are not value free pretensions to the contrary notwithstanding.