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Politics : President Barack Obama
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To: koan who wrote (128469)12/5/2012 6:53:38 PM
From: RetiredNow  Read Replies (2) of 149317
 
Socialism is all about having government set prices and control the means of production, to ultimately control supply and demand. This is what socialism is all about. The idea is to gain all that control to achieve some utopian outcome. The tragedy is that the more socialism that is implemented, the further out of reach the utopian goal is, because socialism is a very inefficient means of allocating capital. On a macro scale, socialism is a net destroyer of economic wealth. Capitalism is the most efficient system ever created for maximizing the growth in macroeconomic systemic wealth. Government can and should play a very large role regulating Capitalism, but they should not be setting prices.

Capitalism is all about letting supply and demand and risk preferences set prices. No government interference in that is necessary, because market forces allocate capital very efficiently. The only time we need government interference is when monopolies emerge that constrain competition. Or when actors in the economy are committing crimes such as fraud or refuse to adhere to contracts. Or if economic actors are harming the environment or other common use resources (Tragedy of the Commons). Government plays an important role in those scenarios.
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