“An Audacious Promise: The Moral Case for Capitalism”


James R. Otteson:

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.

Craig Newmark

Craig Newmark

Associate Professor of Economics, North Carolina State Univ.

Related Articles

66

One of Obama’s Biggest Donors Now His ‘Economics Adviser’

Last week President Obama appointed the CEO of General Electric, Jeffery Immelt, to head up his Economic Advisory Board. This

2

South Oregon Proves Gov’t Subsides Are Bad for You

The Beautiful Rogue River in South Oregon A very long article at the conservative Washington Free Beacon describes how economic

3

2010: The Entertainment Industry’s PC Year in Review

For the entertainment industry’s practitioners of political correctness, 2010 was another banner year. Even as conservatives have made deserved headway