The Working Rich Improve Our Lives

[Chris]

"Unless they collude with government, they can get rich only by making our lives better."

[Devil'sAdvocate]

"Unless they collude with government, they can get rich only by making our lives better."

The fallacy here is that a smartphone addict or alcoholic are lives worth living to begin with...

Along with with the fallacy that individuals know, or at least care, what their own happiness is to begin with...

So whist a drug dealer supplying heroin to an addict might make pursuing one's own misery easier, it begs the question of why one would pursue their own misery to begin with, or why anyone would honor those who make the pursuit of misery easier, as opposed to harder...

"There cannot be so incompetent dictator, that he would show more stupidity than a majority of the people." - Penti Linkola

[Captdon]

The fallacy here is that a smartphone addict or alcoholic are lives worth living to begin with...

Along with with the fallacy that individuals know, or at least care, what their own happiness is to begin with...

So whist a drug dealer supplying heroin to an addict might make pursuing one's own misery easier, it begs the question of why one would pursue their own misery to begin with, or why anyone would honor those who make the pursuit of misery easier, as opposed to harder...

"There cannot be so incompetent dictator, that he would show more stupidity than a majority of the people." - Penti Linkola

You decide who should live and who shouldn't?

[Devil'sAdvocate]

You decide who should live and who shouldn't?

No, but the idea that the "market" knows or cares what's good for itself is fallacious. The "herd mentality" is just to live like an animal, people who 'rise above' that are the outliers. That's why America's founders didn't want 'pure democracy' (aka mob rule) to begin with.

So one of the flawed premises behind the video is that supplement of meaningless goods and services improves 'quality of life' to begin with, when it often just makes it easier for people to enhance their own misery - so does a heroin dealer - one's simply legal, the other isn't.

Dictatorship by a tyrant or by the masses are just opposite extremes, with the same negative end results.

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[Chris]

Now we can get back to the topic....

The main complaint of the left is profits, but here's a view on what a conundrum that is.

Why we need the profit system

...says Kling, the profit system is the most effective, humane way to organize economic activity. The reason is because the requirements of a modern economy requires “bosses and profits“:

In a modern, large-scale economy, coordination takes place through a combination of bosses and profits. Bosses order people to undertake particular tasks. Profits and losses provide incentives to engage in certain economic activities and to curtail others.

Within any one organization, you take orders from a boss. Your only alternative is to leave that organization and find another boss or start your own organization.

Profits determine the success or failure of different organizations. Organizations that earn profits can continue to operate. Organizations that fail to earn profits have to go out of business, unless they can survive on donations or subsidies.

The profit system helps to discipline bosses. Really bad bosses, who use resources inefficiently (including mis-use of workers), tend to perform poorly in terms of profits. This poor performance eventually gets weeded out, either by the boss’s boss or by the inability of a poorly-performing firm to stay in business.