I knew one only one of the five on this list. I’m sure you will be reading more from them all here in no time. Thanks to Tom Woods for sharing, and I’m glad to pass it along!
Nice talk with socialist economic professor Richard Wolff. If anyone out there could possibly convince me that socialism is the way to go, it would be a professor of economics who believes it. I don’t believe he makes his case here in this segment, but I’m sure it would be impossible to do so in such a small window time.
Wolff seems to think that part of the problem with capitalism is that there is a conflict of interest between business leaders and laborers. Of course there is such a conflict, but in a world of scarce resources, there will always be conflicts of interest between producers and consumers. Everybody has an interest in producing less and consuming more, and that interest conflicts with everyone else’s interest to do the same. Abolishing capitalism will not alter this reality.
Wolff advocates a more democratic workplace. He evidently wants rules of some kind that would limit the types of businesses that people are allowed to create. Only those businesses that allow workers the prescribed amount of say in the goings on of the business are to be permitted. Wolff does not say here whether he expects everyone to adhere to these rules voluntarily or if he has in mind some sort of enforcement apparatus. But here in our capitalist society, people are perfectly free to create democratic workplaces. The usually do not, because they want a certain amount of control over their own creations and they want to ensure adequate returns for themselves. If all these other rules are placed upon the act of starting a business, I’m sure you will see far fewer people willing to take the risk.
Not that I’m entitled to the increased productivity the a capitalist societies, but why not freedom? Nobody forces one particular person to work for another particular person, and nobody should force business models that they find appealing on the entrepreneurs who are producing, innovating, and making things happen.
Adam Davidson: I’m just trying to think how my life would be different [in a libertarian society].
David Boaz: You would be much richer, you would be happier, you would be better looking, you would be taller.
Adam Davidson: Would I be stronger?
AD: Could I eat fattening foods but somehow maintain a slim physique?
DB: Yes, probably. … With faster economic growth, we’d have better technology. And we probably would have all these miracle fats that don’t put any weight on you.
This is the promised Libertarian follow-up to the above discussion with a socialist. The exchange above, I’m sure, is a tongue-in-cheek jab at those who describe libertarians as utopian. Do not take it all literally, but we surely would at least have faster economic growth. It’s a shame that I feel like I have to explain this. Read the rest of this entry »