I find it funny (and terribly sad) that so many supposedly informed and educated people don’t understand what a miracle capitalism (and the Western tradition, including English common law) truly is. Many of us, perhaps most of us wouldn’t even be alive today if it was not for the concepts which spread from northwestern Europe, to North America, and then beyond. We live in amazing wealth. Even the poor in the West have amazing wealth relative to the poor throughout history and relative to parts of the world where commerce is stifled by statism,
The chief reason we have witnessed miracles like the one below (and truly it is a miracle) is because unlike most industries tech has operated with minimal regulation and has remained highly competitive. In tech, success comes from out innovating one’s competitors not in getting in tight with the right politicians and regulators. (At least this has been the case though Google seems to be getting cronier by the day.)
Government is massive. It is inefficient. It is wasteful. It bullies. It over regulates. It hinders commerce. It is the fundamental component of crony capitalism. Crony capitalism can not happen without government. The bigger the government the more crony.
Laws should be simple and straightforward. They should be few. They should be transparent.
To the degree that laws are not simple and straightforward, to the degree that they are many and not few, to the degree that laws are not transparent,
It’s a truth so many don’t want to see and it is entirely understandable why they don’t want to see it. Raising the minimum wage far above the natural wage rate for a minimum wage job will create job losses. Jobs will be cut. Hours will be cut. Positions will be automated. Some businesses will just close down.
Basically the unskilled worker is stuck. On the one hand the (minimum) wage he or she is getting may not be enough to pay the bills.
Flying high in the crony skies.
So nice that Boeing, now with its huge taxpayer underwritten subsidy in hand thanks to many Republicans who abandoned the free market to support crony capitalism, slashes a bunch of jobs. The company had threatened to slash jobs if it didn’t get an Ex-Im renewal, but in the end it got rid of thousands of jobs anyway.
Crony capitalists do not operate on good faith or anything close to it. Remember this for the future.
The government wants to create a perception, a “reality,” which does not conform to reality. If one tells the public that the sky is red long enough, over and over, they (or a significant portion of the population) will come to believe that the sky is indeed red. At least for a while. The politicians want you to believe!
We are puttering along. The drop in gas prices has given some people breathing room while it has also caused serious economic pressure in fracking country.
Rubio post-mortems miss the point. In the end, it is just more fall-out from crony capitalism.
None of the post-mortems of Rubio’s campaign I have seen mention the real reason why the young senator, so articulate, so successful, recently touted as the future of his party, never got launch speed in his campaign for the presidency. It is actually Senator Charles Schumer’s (D-NY) handiwork, aided and abetted by Rubio’s misjudgment.
Shortly after the 2012 election, the GOP was worrying about Romney’s poor showing among Hispanics.
Minimum wage for a robot? $0/hour. Maximum wage? $0/hour.
It’s in some ways a weird map. “Lego” is number one in Utah. “Burt’s Bees” is number one in North Carolina. This data, according to the attached article, comes from 2 weeks ago.
Image: Screen grab Bloomberg
This is a pretty cool little tool. I looked up “politicians” but it wasn’t listed. They tend to marry lobbyists for their second wives so maybe it messed with the data.
Without knowing the specifics it is probably pretty safe to say that laying off 5-6 million state workers in China, the Ultimate Cony Capitalist State is probably necessary. Saying that, one has to consider the disruption to these people’s lives and what that might mean politically. Even in a country of 1.3 billion people 5-6 million workers is a pretty big chunk. What do these people do? Presumably many bought living quarters in the great Chinese property bubble.
Recently Penguin Publishing did the same thing and the “no college required” trend is a trend which is picking up steam in the working world. It’s about time. There are many qualified candidates out there who are marginalized simply because they lack a college degree.
As we’ve said before, college can hold much value. It was valuable for me that is for sure. However, the cult of college has long been out of control. Many many people who go to college these days shouldn’t really be there.