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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: RetiredNow who wrote (138057)	10/2/2013 11:05:35 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 149317

"Our Founders put several property rights protections into the Constitution" yup; it's a good thing they were wise enuf to also put in a way to amend it. No person held to service or labour in one state, under the laws thereof, escaping into another, shall, in consequence of any law or regulation therein, be discharged from such service or labour, but shall be delivered up on claim of the party to whom such service or labour may be due Article Four, Section 2, Clause 3, Capitalism is dying. We need a new model. en.wikipedia.org For centuries, economists have considered a transition from a growing economy to a stable one, from classical economists like Adam Smith down to present-day ecological economists. Adam Smith is famous for the ideas in his book The Wealth of Nations. A central theme of the book is the desirable consequences of each person pursuing self-interest in the marketplace. He theorized and observed that people trading in open markets leads to production of the right quantities of commodities, division of labor, increasing wages, and an upward spiral of economic growth. But Smith recognized a limit to economic growth. He predicted that in the long run, population growth would push wages down, natural resources would become increasingly scarce, and division of labor would approach the limits of its effectiveness. He incorrectly predicted 200 years as the longest period of growth, followed by population stability. [7] John Stuart Mill, a pioneer of economics and one of the most gifted philosophers and scholars of the 19th century, [8] anticipated the transition from economic growth to a "stationary state." In his magnum opus, Principles of Political Economy, he wrote: ...the increase of wealth is not boundless. The end of growth leads to a stationary state. The stationary state of capital and wealth… would be a very considerable improvement on our present condition. and ...a stationary condition of capital and population implies no stationary state of human improvement. There would be as much scope as ever for all kinds of mental culture, and moral and social progress; as much room for improving the art of living, and much more likelihood of it being improved, when minds ceased to be engrossed by the art of getting on." [9] John Maynard Keynes, one of the most influential economists of the twentieth century, [10] also considered the day when society could focus on ends (happiness and wellbeing, for example) rather than means (economic growth and individual pursuit of profit). He wrote: ...that avarice is a vice, that the exaction of usury is a misdemeanour, and the love of money is detestable… We shall once more value ends above means and prefer the good to the useful. [11] and The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems - the problems of life and of human relations, of creation and behavior and religion. [12]