Well it’s similar to what Churchill said about democracy… it’s a bad system but it’s better than all the others.
If you can put ideology aside and think in terms of economics, in many industries capitalism offers an efficient way of determining the an optimal price and quantity to produce considering the costs and value something brings. And it’s something that allows for industries to function without an excessive amount of centralized planning which will often get things wrong.
But it’s like a machine in a many ways. And like any machine it requires maintenance. Things like trust-busting, progessive taxation, regulations, and occasional stimulus are necessary to keep it running smoothly.
But once you bring ideology into it, it all becomes a shitshow. Some will argue capitalism is a perfect machine and any kind of maintenance on the machine will ruin it’s perfection. Others take any kind of maintenance on the machine as a sign the machine will inevitably fail and needs to be replaced entirely. But then we go back to the beginning where other systems have been tried and they’re worse. Charlatans, grifters, ideologues abound pushing people in every direct except for simply taking reasonable measures to keep the machine running smoothly. There’s an almost religious devotion towards arguing the either the machine is perfect or the machine is doomed to failure and not only should be replaced they should accelerate the failure so it can be replaced sooner.
Zealots from all sides demonize the mechanics that are simply keeping things running. A lot of emotional nonsense about this thing. But to an economist, it’s just a machine with both strengths and weaknesses. The functioning of the machine is well understood, and the other machines that have been tried didn’t really work.
Well it’s similar to what Churchill said about democracy… it’s a bad system but it’s better than all the others.
If you can put ideology aside and think in terms of economics, in many industries capitalism offers an efficient way of determining the an optimal price and quantity to produce considering the costs and value something brings. And it’s something that allows for industries to function without an excessive amount of centralized planning which will often get things wrong.
But it’s like a machine in a many ways. And like any machine it requires maintenance. Things like trust-busting, progessive taxation, regulations, and occasional stimulus are necessary to keep it running smoothly.
But once you bring ideology into it, it all becomes a shitshow. Some will argue capitalism is a perfect machine and any kind of maintenance on the machine will ruin it’s perfection. Others take any kind of maintenance on the machine as a sign the machine will inevitably fail and needs to be replaced entirely. But then we go back to the beginning where other systems have been tried and they’re worse. Charlatans, grifters, ideologues abound pushing people in every direct except for simply taking reasonable measures to keep the machine running smoothly. There’s an almost religious devotion towards arguing the either the machine is perfect or the machine is doomed to failure and not only should be replaced they should accelerate the failure so it can be replaced sooner.
Zealots from all sides demonize the mechanics that are simply keeping things running. A lot of emotional nonsense about this thing. But to an economist, it’s just a machine with both strengths and weaknesses. The functioning of the machine is well understood, and the other machines that have been tried didn’t really work.