Socialism failed the test in one of America's Universities. A must read.

Quote from Martinghoul:

Sounds like an urban legend to me... Broadly, though, it sums up the incentive issues inherent in socialism, if it were offered to humankind today.

However, I would also suggest that the credit crunch demonstrated how capitalism itself has some very fundamental incentive flaws.

So, in summary, currently socialism = long-run economic underperformance and general malaise, while capitalism = extreme boom and bust. On balance, I would probably still go for the latter...
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There wouldn't even be "boom and bust"... IF THE GOVERNMENT DIDN'T SCREW WITH THE MONEY!!
 
Quote from Martinghoul:


So, in summary, currently socialism = long-run economic underperformance and general malaise, while capitalism = extreme boom and bust. On balance, I would probably still go for the latter...
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Kinda like choosing between eating filet mignon with an occasional pubic hair on it or just plain old spam all the time. I'll take the filet please.
 
Quote from Scataphagos:

That's barely even a social issue. It's mathematical.

"Capital begets capital". Of course, "the rich get richer"... it's because they have savings and investment which can compound and grow. Those living paycheck-to-paycheck don't develop savings and capital. The greater the time factor, the greater the difference.

That's not to say it's correct to claim "unfair because the rich have more". Rather, it should be an INCENTIVE for all to accomplish more and accumulate capital for themselves.
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All due respect, that's being simplistic - though you are correct to a degree. However, the tax code has not changed on its own. Lobbyists representing the wealthy changed it. And these lobbyists changed more than just the tax code. Corporate Subsidies are but one example. I could go on and on... Actually, many others have written books about it...

How the medical field maintains high barriers to entry to maintain high salaries.

How professional team owners get free money from municipalities to build stadiums.

How corporate chains get property tax waivers for a period of time to relocate to a city, all the while the independently run mom and pops in that same city end up footing their traffic, police, and fire bills/taxes.

Oil company subsidies....

Hedge Fund managers getting paid cap gains instead of W2 income for managing OTHER people's money (and for many - badly so)

Pharmaceutical companies constricting the government from negotiating volume discounts.

There are hundreds of other examples.
 
Quote from jueco2005:

An economic professor from Texas never had to fail a whole class. But in one occasion he was forced to.

Most students insisted that socialism could work, so he put them to the test. He proposed them that all test grades would be averaged and everyone would then get the same score (socialism equality). And this is what happens………

First Exam

The average score was a B, those A students who studied a lot were not happy, those C students who did not prepare very well were happy. And there were some arguments.

Second Exam

Average score a D. Those A students who studied hard in the first exam, knew it was pointless for them to study so much because they would not get an A in the first place. Those other C students also relaxed. There were fights!!!

Third Exam

Average score F. Everyone has been so unhappy for the previous scores, insults, resentments, blaming on each other. NO ONE WAS WILLING TO STUDY SO OTHERS WOULD BENEFIT.

"This story I translated from Spanish to English. Sorry for misspellings."
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Bullshit.

http://www.snopes.com/college/exam/socialism.asp
 
Quote from Martinghoul:



So, in summary, currently socialism = long-run economic underperformance and general malaise, while capitalism = extreme boom and bust. On balance, I would probably still go for the latter...
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Correct, and it points to the notion that the best course of action would be well regulated capitalism. Don't let Wall Street and the Banks do insane things iow...
 
Quote from Covertibility:

In the classroom is one thing, the real world is another.

Privatize the profits, socialize the losses. - capitalist axiom.


Bernanke and Arthur Burns are classical examples of why academics should not be allowed into the real world. Colleges (or more specific, adult daycare centers) are nothing more than papermills whereby a student has to regurgitate material to prove he has a functioning brain. These churchlike institutions provide material and reasoning that will make anyone believe anything........
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OH YEAH!!!!! I call business here in the USA "Socialism of the Capitalists"
 
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