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Capitalism

I'm still gagging on the punch line to Tyler Cowen's love letter to Ayn Rand : The true take-away message is a reaffirmation of how the enormous productive powers of capitalism -- the greatest force for human good ever achieved -- rely on the driving human desire to be excellent. Now it happens that I think that capitalism (or at any rate, a mixed economy with a significant dose of capitalism) is the best economic system for an industrial economy. It did manage to keep chugging on when various variations on socialism ran aground in the twentieth century. How, though, can a not always idiotic guy like Cowen come up with such preposterous load of crap? I think I understand the logic. Capitalism has been the dominant economic system for the past two hundred years. Those two hundred years have seen a vast burst of technological progress and improvement of the standard of living for a large fraction of the people. Post hoc, ergo propter hoc is the usual name of this logical fa...
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Anti-Libertarian: re-post

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Objects in Your Phase Space May Be Smaller Than They Appear

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