“An Audacious Promise: The Moral Case for Capitalism”
Even if we do not all get rich at the same rate, we all still get richer. To see the importance of this point, ask yourself: If you could solve only one social ill–either inequality or poverty–which would it be? Or suppose that the only way to address poverty would be to allow inequality: Would you allow it? This seems a no-brainer: poverty is a far larger factor in human misery than is inequality. If we could have steadily fewer people suffering from grinding poverty, is that not something to wish for, even if it comes with inequality? This appears to be the position in which we find ourselves. The only way we have discovered to raise people out of poverty is the institutions of capitalism, and those institutions allow inequality. Keeping people in poverty seems too high a price to pay in the service of equality. One is tempted to say that only a person who has never experienced poverty could think differently.
How did we end up in a world where Big Gulps are being banned in New York while the welcome mat for potheads is being rolled out in Colorado? How...Read More
Associate Professor of Economics, North Carolina State Univ.
Finding meaning in the dustpan — or how Little Women, housekeeping, socialism and capitalism are all related
Believe it or not, in an act of near heroic intellectual prestidigitation, I’m going to explain to you how Little
We all know who the Big $$pender is … Here’s a little tune to sing on the way to the
Germany in the 1920’s did not “invent” Hyperinflation, they just made it famous. Hyperinflation was first systematically: documented in Germany.