Category: Economics

Capitalism has a Role in Fighting Poverty

Any time of year is a good time to discuss poverty, but the subject has obvious resonance at Christmas. Thus, unsurprisingly, Pope Francis recently wrote about the necessity of compassion for those on the margins. In Evangelii Gaudium, the pontiff covers much ground. He urges deliberate, thoughtful action for the world’s poor and warns against the folly of loving money and worshipping consumer goods. These are calls with which no thinking, compassionate person should disagree. However, the Pope’s letter also took capitalism in general to task, which is troubling because the relationship between wealth creation and the alleviation of...

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The Fixed Quantity of Wealth Fallacy

The essence of the fixed quantity of wealth fallacy is the claim that wealth cannot be created, only rearranged. Suppose you believe that. What follows? You look at the world, and you see rich people getting their hands on more and more wealth. They can’t have added to the sum total of wealth, because wealth isn’t like that. Wealth can’t be added to. Therefore these rich people must have stolen their wealth from others. The only question is: from whom? Karl Marx supplied the first great answer to this question. The rich capitalists were getting richer by stealing from...

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How Big Business In Its Truest Sense Has Been a Blessing

In many parts of the world, national economies are in trouble. Politicians have been asking bankers—who are on the brink of financial ruin—how to fix things. The bankers respond by saying that governments need to give billions to the banks. Well isn’t that a no-brainer. If the politicians had asked bakers how to fix the economy, taxpayers would no doubt be subsidizing bakers right now, while backstopping loans for doughnut shops. Bailing out banks is not capitalism. History has proven beyond doubt that free market capitalism is the most effective economic system there is when it comes to creating...

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Ranching 101 and Why Parliament Waged War Against the Crown

For every rancher, understanding the difference between steers, heifers, bulls, and cows is pretty basic—kind of like “Ranching 101.” If for some reason there were a rancher incapable of telling the difference, he wouldn’t have much of an operation. This ability to make distinctions is important, and applies not just to ranching but to other endeavours as well, including government and politics.

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