November 21, 2007
Happy Thanksgiving, John Stossel
When I am President, I will hand out medals to Jimmy Pethokoukis and John Stossel. Today, Stossel shares the lost lesson of Thanksgiving.
When the Pilgrims first settled the Plymouth Colony, they organized their farm economy along communal lines. The goal was to share everything equally, work and produce.
It's the Tragedy of the Commons, served with Pumpkin Pie.
What private property does -- as the Pilgrims discovered -- is connect effort to reward, creating an incentive for people to produce far more. Then, if there's a free market, people will trade their surpluses to others for the things they lack. Mutual exchange for mutual benefit makes the community richer.
And they still let this guy be on ABC.
Economics and Markets
Posted by John Kranz at November 21, 2007 3:28 PM