November 28, 2017

Quote of the Day

If you are reading my words now, you are -- every day of your life -- the beneficiary of the creativity and efforts of billions of people, each of whom has somehow managed to have his or her activities coordinated with those of billions of other individuals in a process that results in the food that you eat, the clothes on your body, the furniture in your home and workplace, the marvelous motorized transportation that you use daily without ever bothering to marvel at it, and the indoor plumbing and solid roofs and hard floors and electrical power that ensures that your home and workplace is clean and comfortable. This globe-spanning, incredibly complex market process is designed by no one and operated by no one. It, as a whole, is undirected by conscious effort. It is not a thing to be engineered; it is not a thing that could possibly be successfully engineered. -- Don Boudreaux.
In a likely-fruitless FB debate with a guy who is bent that Jeff Bezos made $6Billion in five minutes. Because "people buy crap." Like the pancake bot. Sigh. Economics and Markets Posted by John Kranz at November 28, 2017 2:40 PM

IMO, the important concept is that Jeff Bezos, "MADE $6billion..." He did not steal it or redistribute it. I always feel in such fruitless FB debates that if I could get people to understand that wealth is created and no matter how much Jeff Bezos has, that doesn't stop you from creating your own, that would be half the battle.

Posted by: dagny at November 28, 2017 4:52 PM

By my reckoning, that would be 91.327% of the battle. You're no doubt better than I, but that's a level I've never reached. Even more honest interlocutors than the one I am entangled with don't get ex nihilo wealth creation. "Those dollars would have just gone to Sears, or Apple..."

I tussled with a libertarian buddy over this recently. "The fixed-pie fallacy," I believe it is called. I am open to all suggestions how to get someone over this.

Without it, wealth really is theft.

Posted by: jk at November 29, 2017 1:31 PM | What do you think? [2]