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02/12/2012

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Sania

I would agree with the other side aswell, great work.

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Tania

I don't think Capitalism in Crisis.Its different.


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John

Tans, your comment is...absurd. How about responding to the substance of my comment...instead of its "stench".

neoclassical_libertarian

@Jack

Capitalism has never fallen and it never will, for it is the most progressive democratic system which allows everyone to vote with the dollar. Even under totalitarian communist regimes in which trade was completely banned, black markets developed, serving as networks between buyers and sellers who were impatient to wait for the government to supply goods to them. It is your flawed statism--in the form of "Democratic" Socialism, Marxian Socialism, or totalitarian Communism, etc.--that has failed over and over again. Collapse and chaos are hallmarks of statist societies. The European debt crisis of social democratic nations is just the latest in that trend.

Regarding income inequality, I'm not sure if you can comprehend this: technological progress leading to increased returns on human capital is not a bad thing. In fact, this is what that drives human civilization. Every time a new invention increases productivity, it will lead to an increase in real incomes of one sector of the labor force relative to others. It will of course create class envy and warfare. However, this will also benefit society in the long run, as the new technology spreads to all sectors of the economy (examples include: electricity, automobiles, computers, the internet, etc.). What do you think the real incomes of the current middle class would be had technological progress stagnated in the 1830s? In the future, emerging technologies like nanotechnology will vastly increase productivity of highly educated labor force participants, increasing their incomes even further, while the average fast food restaurant worker will see his or her income stagnate. You are not going to make things better by taxing the high income earners until everyone becomes equally poor. A better way to help people whose incomes have stagnated is to invest in their human capital (yes, through government), kick out the monopolistic unions from the public educational system, expand earned income tax credits, abolish minimum wages and union wages--not denigrate capitalism, the system which, with its ability to reward productivity, created the middle class in the first place.

TANSTAAFL

What "substance," John? All you've done is refer to nebulous "ends" that you evidently believe economic growth should serve. Woo woo. What "ends" do you have in mind? Coercive wealth redistribution?

TANSTAAFL

Bravo, neoclassical! 5 will get you 10 that one or more of the leftist commenters on this blog will accuse you of listening to too much talk radio, or maybe even setting kittens afire.

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Scott M.

You're right in your comparison between evolution and capitalism but wrong in your conclusions.

It's true organisms exploit ecologic niches in order to survive just as capitalism consciously seeks out untapped economic niches in order to survive. It's also true that when those sources of survival, foods for example with living organisms and obsolete technology for capitalism, go away, the organism and corporations must either adapt or die.

Your conclusions that "to increase the welfare of the losers in the competitive struggle. Such policies tend to be inefficient and thus to retard the smooth operation of capitalism as an economic growth engine." is WRONG.

One of the arguments Darwin used in his Origin of Species was the forced evolutionary changes brought about by humans through selective breeding. You no longer have wolves but domestic dogs. You no longer have feral pigs but pigs that produce a lot of meat. You no longer have wild steer but milk cows and hens that lay eggs, etc.

All of these organism have been REMOVED from competition, thrive better in terms of numbers and improve the lives of humans.

The same can be argued with capitalism. There are vital functions that can be removed from competition and made to thrive and improve the lives of humans.

This stupid short-sighted view that competitions is the source of goodness and light is just....beneath ignorance.

Paging Dr. Pangloss. Dr. Pangloss please pick up a white courtesy phone. Dr. Pangloss.....

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I would argue that money is created by the people. All people in some way doing something create the GDP. QEx aside, the central bank (being a private bank in the US - hello?) should print money to keep this exchange of goods and services flowing and at equilibrium.Bearings suppliers: www.xrtbearing.com.

Austin

American eticpxeonalism? I am totally disgusted with our government in Washington on all levels. and I believe most citizens agree. Our country has become so divided along political lines that I honestly don't see a way to put humpty dumpty together again. We are now in a very vunerable position on the world stage, not just economically but we are exposing ourselves on all levels. All of our problems didn't happen overnight, but rather have been festering for years and like a cancer we are now in terminal stage. It saddens me, as I am sure it does all Americans to see what was once a great country, a shinning example to the world of what democracy can be. We are no longer that country, we are no longer a democracy, but rather a place where special interests of a few control the people as a whole.

Alama

Yes I brefily saw Barney Frank on something while flipping channels. What a hypocrite. However, this is another thing Bush will get blamed for by the dems and Obama because they need a scapegoat. -6Was this answer helpful?

Kevyn

Too bad that Bush is such an ifncfeetive most powerful man in the free world . Maybe the problem could have been avoided considering that the Republicans controlled both houses of Congress.Yep just a cryin' shame. -6Was this answer helpful?

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No, they are not fundamental to socuiety. They suck up growth by charging for something they do not own. I call this parasitic.

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Ponser give his answer on "Is Capitalism in Crisis? ",that is: at present, the answer seems to be “no,” but if signs of social unrest, such as the Tea Party and Occupy movements, grow, the answer may at some point need to be reconsidered.

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I don't think so. Anyway,we shouldn't put it so ideological as soon as there's kinda social problems. Unless all reforms fail to make a difference then we can refocus on the capitalism's paradox

Jeremy Scott

Let me very be frank with you. There are over thousands of bloggers in Malaysia. Not all of them win our hearts and respects. Very few of them including you and RPK are my favourites. Like others I have my reason for liking you guys.You have your opinion. Most of your opinions or articles are mild, probably because that’s how you were trained during your days with MSMs, being very cautious.In RPK’s case it is different. He speaks the mind of his readers with information and evidence he obtains from the various sources who trust him more than themselves. He gives them his word that he would never reveal unless they want him to do so. His readers are the ordinary Malaysians who find life not easy and in some ways believe this government is responsible for it.We must understand. Being a person in his status, it was not necessary for one to risk his comfort and luxury in life. What is he going to benefit personally out this battles? One must not forget, he is talking against the government and its leaders who will not have second thoughts to “finish” your good life if you are a threat to them. Remember what had landed a powerful DPM at one time into and what he is going through.Unlike in some other countries, Malaysia is in full control by one party that is led by few powerful Malays. They have the money, power and most importantly positions. People who are privy to their secrets are often afraid to reveal the truths for fear of being victimized. While some are silenced while others come out, responding to the conscience and in doing so they need people like RPK to confide in. Therefore, RPK cannot turn betrayer who point finger at them just to save himself.I sincerely believe he is one of the few Malaysians who are prepared to bid his own life for the sake of country and the people of Malaysia. He is actually a hero.The only fear I have is, his Deep Throats try to fix or trap him with untruthful stories that could jeopardize his credibility.

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I agree that Banking is inherently risky, because the basic model of banking is borrowing short and lending long to create a spread because interest rates are higher the less liquid the loan; without a spread a bank has no income..

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No, they are not fundamental to socuiety. They suck up growth by charging for something they do not own. I call this parasitic.

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Economic growth for what? To what end? these are the questions that Posner refuses to consider. It is only when we are explicit about the ends of economic growth, and not just the means of economic growth, that we can fairly argue whether redistributionist policies are counter-effectual.

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