[Why do so many people made rich by the market try so hard to bite the invisible hand that feeds them? In this passage from the The Anti-Capitalistic Mentality (1954), Mises explains the petty jealousies of the anticapitalistic rich.]
The idea that the benefits of economic growth have accrued primarily to the rich is an important part of the conventional wisdom, and it is supported by official income statistics. I would argue that technological change and economic growth over the last several decades (or centuries) has made us more equal, not less. Here are two ways we are more equal: 1. Communication technology. 2. Access to information.
potentia est” (“knowledge is power”)–Francis Bacon’s famous expression. For thousands of years, the human standard of living was flat. It finally started significantly increasing with the Industrial Revolution–with the rise of capitalism (strong, systematic protection for property rights) and with the spread of technology and scientific knowledge.
Great post by Mike Masnick on Techdirt (h/t Pat Tinsley). (For more on the First Sale Doctrine, see my posts posts Supreme Court lets ban on “gray market” imports stand; Leveraging IP; Supreme Court lets ban on “gray market” imports stand; Why Netflix Won.)
Lately the supporters of big government have deployed an interesting twist to their arguments, claiming that it is a dirty right-wing lie that government has grown under the Obama administration. Unlike arguments over economic theory, surely this should be an objective exercise in looking up the facts.
[Excerpted from The Anti-Capitalistic Mentality (1954).]
A superficial observer of present-day ideologies could easily fail to recognize the prevailing bigotry of the molders of public opinion and the machinations that render inaudible the voice of dissenters.
Brief and all too limited as the supremacy of liberal ideas was, it sufficed to change the face of the earth.
Benjamin Powell works as an Assistant Professor of Economics at Suffolk University and is senior economist with the Beacon Hill Institute.
What do you like to do in your free time? Do you have any hobbies?
I’m into mountaineering and have climbed mountains all over the United States but also in Central America, Europe, Africa, and Asia. I’m also very into wine. I’ve tasted in California, Oregon, Italy, Austria, and Australia and am working on building a nice wine cellar. I love sports, both participating and watching.
