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Cardinal trys to soften the popes condemnation of Capitalism. Total free market is wrong. Its not the golden goose many try to push off on us. Its garbage as is total socialism which is communism. This is why the Paul Ryans of the world need to go away and never come back.
Cardinal trys to soften the popes condemnation of Capitalism. Total free market is wrong. Its not the golden goose many try to push off on us. Its garbage as is total socialism which is communism. This is why the Paul Ryans of the world need to go away and never come back.
The Cardinal was right on one count: They aren't economists.
Free market capitalism is the only system capable of producing wealth for the masses (wealth for the poor). This was pointed out by Ludwig Von Mises in his 1927 Book, "Liberalism." He pointed out that both classical liberals and socialists (today's "liberals") want the same thing. They want a system where the poorest among us are as wealthy as possible. But, he pointed out that socialism cannot accomplish this. Only free market capitalism can.
This is because people respond to incentives. People act in accordance with their own self interest.
Central planners have no incentive to discover new information. Only free market capitalists do.
Socialism does not create incentives for people to be innovative. Quite the opposite is true. This can be observed in a workplace where everyone gets paid the same. Some will work hard. Others will do just enough to get by. This creates resentment, as those who are more productive see that those less productive receive the same compensation, yet are producing less.
People must be paid based on the value of what they produce. This creates incentive to work hard, the reward being the next raise, or a promotion.
For the innovator, profit is the reward for innovation (which involves risk taking). Central planners (socialists) do not respond to market interests (demand). Central planners have no ability to determine what consumers want, or how much of a good to produce. Only the free market system can do this.
The profit motive leads to innovation in the free market system. This means we have more products available, and the kind of products we want, at a price we are willing to pay. This is not possible in a centrally planned system.
Look what is happening with health insurance under Obamacare. We have a centrally planned insurance system where the government has specified what will be offered. There are fewer choices, and the cost is much higher. In addition, the doctors and hospitals providing service is more limited, and you will be unable to get service at all, if you leave your main place of residence, and move (seasonally) to a second home in a warmer climate (this has been disclosed recently).
The Cardinal was right on one count: They aren't economists.
Free market capitalism is the only system capable of producing wealth for the masses (wealth for the poor). This was pointed out by Ludwig Von Mises in his 1927 Book, "Liberalism." He pointed out that both classical liberals and socialists (today's "liberals") want the same thing. They want a system where the poorest among us are as wealthy as possible. But, he pointed out that socialism cannot accomplish this. Only free market capitalism can.
This is because people respond to incentives. People act in accordance with their own self interest.
Central planners have no incentive to discover new information. Only free market capitalists do.
Socialism does not create incentives for people to be innovative. Quite the opposite is true. This can be observed in a workplace where everyone gets paid the same. Some will work hard. Others will do just enough to get by. This creates resentment, as those who are more productive see that those less productive receive the same compensation, yet are producing less.
People must be paid based on the value of what they produce. This creates incentive to work hard, the reward being the next raise, or a promotion.
For the innovator, profit is the reward for innovation (which involves risk taking). Central planners (socialists) do not respond to market interests (demand). Central planners have no ability to determine what consumers want, or how much of a good to produce. Only the free market system can do this.
The profit motive leads to innovation in the free market system. This means we have more products available, and the kind of products we want, at a price we are willing to pay. This is not possible in a centrally planned system.
Look what is happening with health insurance under Obamacare. We have a centrally planned insurance system where the government has specified what will be offered. There are fewer choices, and the cost is much higher. In addition, the doctors and hospitals providing service is more limited, and you will be unable to get service at all, if you leave your main place of residence, and move (seasonally) to a second home in a warmer climate (this has been disclosed recently).
Sorry, but, your assertion only works in a perfect dream world. In the real world, we've already seen what your ideology brought. Ever heard of the Gilded Age? The Robber Barons? That's what Libertarianism brought us. I'm glad we threw off that flawed ideology in the early 1900s.
Sorry, but, your assertion only works in a perfect dream world. In the real world, we've already seen what your ideology brought. Ever heard of the Gilded Age? The Robber Barons? That's what Libertarianism brought us. I'm glad we threw off that flawed ideology in the early 1900s.
That's why people have it best in northern Europe than here. People here are just too into ideology rather than common sense.
So, move to Europe if you think they have it better over there. What's stopping you?
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