Yes - great take! Often economists or econ methods can help us address the issues people point out (and many times there is already research out there that shows how to tackle these issues)
I'm occasionally guilty of taking the easy route and just blaming everything on capitalism. But as you explain, it's more complicated than that. And your point about market failure hits home for me. As you mention, economists warn about this. But our politicians ignore the nuance and seem almost to worship the market, expecting it to solve everything (I am thinking of the UK here). As the late, great Tony Judt said (from memory) - at some point, the market didn't just become the dominant idea in politics. It became the only idea.
Unfettered greed is the issue with all of our capital markets. When billionaires are believing themselves to be gods without recognizing the human talent that has given them their power I believe “market failure” happens. We cannot rely on governments to police the ultra wealthy and force them to do the right thing with their positions in a capital market. With great power comes great responsibility. I would really like to read more of your thoughts on bringing our failed markets into alignment. When should we expect to see the book?
We probably differ on the strengths and weaknesses of free markets because such things don't exist, nor would they be panaceas if they did for some fleeting period.
Even though you quoted the verse you referred to it as if "money" were the subject when "love of money" actually is. Money is a medium of exchange. Putting money in it's proper place, rather than exalting the acquisition of money (loving it) above what should be truly valued, it can add structure to our transactions and bring more order rather than chaos.
The New Testament also says in
1 Timothy 6:17-18 "Charge them that are rich in this world, that they be not highminded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy;
That they do good, that they be rich in good works, ready to distribute, willing to communicate;"
You are right that blaming capitalism is often said without being specific about why. The role of government has grown through regulatory agencies and social programs (along with high taxes and currency inflation) to a point that we are not anywhere close to "capitalism" or "market forces" being the only factors, perhaps not even the largest factors in economic outcomes.
I recommend "Economics in one Lesson" by Hazlitt as a good start for anyone who wants to think about, not just be upset about economics.
You offer that American-style capitalism unfairly rewards greed. What kind of capitalism that is in actual practice now (or historically) doesn't reward unfairly?
I don't understand. Can you give me a specific example of a non-adherence to pro social values and the policy changes that would lead to an adherence to pro social values?
Yes - great take! Often economists or econ methods can help us address the issues people point out (and many times there is already research out there that shows how to tackle these issues)
I'm occasionally guilty of taking the easy route and just blaming everything on capitalism. But as you explain, it's more complicated than that. And your point about market failure hits home for me. As you mention, economists warn about this. But our politicians ignore the nuance and seem almost to worship the market, expecting it to solve everything (I am thinking of the UK here). As the late, great Tony Judt said (from memory) - at some point, the market didn't just become the dominant idea in politics. It became the only idea.
Unfettered greed is the issue with all of our capital markets. When billionaires are believing themselves to be gods without recognizing the human talent that has given them their power I believe “market failure” happens. We cannot rely on governments to police the ultra wealthy and force them to do the right thing with their positions in a capital market. With great power comes great responsibility. I would really like to read more of your thoughts on bringing our failed markets into alignment. When should we expect to see the book?
We probably differ on the strengths and weaknesses of free markets because such things don't exist, nor would they be panaceas if they did for some fleeting period.
Even though you quoted the verse you referred to it as if "money" were the subject when "love of money" actually is. Money is a medium of exchange. Putting money in it's proper place, rather than exalting the acquisition of money (loving it) above what should be truly valued, it can add structure to our transactions and bring more order rather than chaos.
The New Testament also says in
1 Timothy 6:17-18 "Charge them that are rich in this world, that they be not highminded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy;
That they do good, that they be rich in good works, ready to distribute, willing to communicate;"
You are right that blaming capitalism is often said without being specific about why. The role of government has grown through regulatory agencies and social programs (along with high taxes and currency inflation) to a point that we are not anywhere close to "capitalism" or "market forces" being the only factors, perhaps not even the largest factors in economic outcomes.
I recommend "Economics in one Lesson" by Hazlitt as a good start for anyone who wants to think about, not just be upset about economics.
You offer that American-style capitalism unfairly rewards greed. What kind of capitalism that is in actual practice now (or historically) doesn't reward unfairly?
Is the voice recording a robot or your voice? Asking for a friend 😂
I don't understand. Can you give me a specific example of a non-adherence to pro social values and the policy changes that would lead to an adherence to pro social values?