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RE: TED Talk Propagates Economic Fallacies

in #economics8 years ago

Trying to tease out some group to bestow with the honor of causally making our lives better just shows bias and personal preference. Neither "rich people" nor consumers should be anointed our economic saviors, we're all just people contributing in our own ways. Rich people provide capital, entrepreneurs come up with innovations and execute them, employees work on those projects, and consumers use their purchasing power to vote on what they like. The danger of anointed a favored group is that it's usually justification for policies to subsidize or aggrandize the power of some people supposedly representing the group. All fools errands, usually ignorant or disingenuous.

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I completely agree; but the way Hanauer says it is a strawman. No "reasonable" (classical) liberal has ever anointed anyone. Hell, even Adam Smith was HIGHLY skeptical towards "people of the same trade".

On my side, I owe faith to NO private producer. My price elasticity is very high and will (almost) always go towards the best quality/price ratio. As long as one doesn't acquire money dishonestly (cheating, lying, killing), I don't care about wealth.

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