The Darwin Economy

Watch Professor Robert Frank as he argues that in the next century Charles Darwin will unseat Adam Smith as the intellectual founder of economics.

Listen to the full event: http://www.thersa.org/events/audio-an...

• Category

  Education

[Marko Kraguljac]

Ill educate you for free. Final goal of participants in unregulated, chaotic system (as through history) is not profit but power and control over others (due scarcity). Enemy of our wellbeing is scarcity, nothing else. What you perceive as capitalism is just an attempt to channel human activity (through "carrot" of profits). Sporting events do the same for physical aggression. It was useful for awhile but now is logically losing its ground in high tech, automated economy. Wake up.

[mba2ceo]

Adam Smith was right ONLY if everyone has the same opportunity even without the same resources.

[elquemando]

Capitalism and democracy can coexist - I accept and embrace that.

OTOH at a fundamental level, capitalism won't exist without capital: which often (at least, in historic terms) had accumulated independent / even in odio / of the people ~of the demos, however you tell it.

Capitalism will, at times, produce results which well preserve and protect capital... but fail on other counts. Capitalism and democracy can play well together; but have distinct implications for society change ~cf. PR China

[elquemando]

DROs can only work where the consensus collective will to enforce a ruling exists. Where there's a possibility of rebellion against a verdict/or of profit-seeking defiance: what then do you do? If the client you depend for on your survival... defies a 3rd party DRO ruling against: must your biz commit suicide? Sussing this can be a huge drain on pricy management attention

By collectively subcontracting enforcement, firms can focus on core wealth-producing functions. Confidence, cost savings

[AzureFlameElk]

The whole mansion analogy is just bat-shit insane. Relative mansion size matters? People buy what they need and then they buy what they want with disposable income. Rich people don't buy shit to compare it, they buy it because they want it. Who is to say that the smaller addition is "just as good"? That rich person should be able to spend their money the way they please.

You want a whole bag of M&Ms? Here's 1/4 a bag. Just as good cause everyone gets 1/4 a bag! Right? No. Fuck off.

[AzureFlameElk]

You're right EXCEPT you assume government is the only means by which to uphold or attribute property rights. DROs work just as well without out that taxation. In other words, incentive and social voluntarism can make up for the things that people are scared we'll lose if we kick government to the curb.

[marquinhus]

Yeah, @mba2ceo, but I think we should think more in real life stuff, not in terms of "if".

Capitalism has shown, for these centuries, to be the kind of economic system that gets more and more unequal: the competition didn't bring us well-being, as Smith thought, but exactly the opposite. Just think, for example, about how many people is killed by hunger every year.

Take care, hugs!

[elquemando]

11:58 the libertarians proclaim that "all taxation is theft".

Theft is the involuntary alienation of legally held property.

Property rights are established, maintained, transferred, executed, and so on... only where there exist a social structure with the trappings of a government, which make these possible -, and enforce these.

For most of humanity, living without the protection of taxation is a symptom of living without Law.

[NicosMind]

@2leet2c Its a great wee book. Only around 50 pages but its a must read for anyone. Its hosted free online if you can read off the screen or its cheap enough off Mises.

I think many dont hold the views for two reasons. Theyre brainwashed by state that if they hand over a large portion of their wage theyll live for "free". But this always costs much more and is a poorer service. 2nd is none of them know what capitalism is. Again brainwashed to think its big business rather than the peoples choice

[2leet2cheet]

While I've never read Frederic Bastiat, I have heard that quote. Great quote and I will be adding "The Law" to my reading list. Again I completely agree, yet I find myself frustrated by the fact that far too few hold these views.