General Discussion

fasttense

(17,301 posts)

21. Why are economist so enamored with capitalism?

Tue Apr 22, 2014, 08:46 AM

Apr 2014

"He warns that if we don't do something about it, we may end up with a society that is more top-heavy than anything that has come before — something even worse than the Gilded Age." Or worse than feudalism?

"Piketty's contribution is to painstakingly comb over the available data and illuminate trends that would leave no reasonable person in doubt of the fact that capitalism's inherent dynamics create inequality, and that only our express intervention, in the form of things like a global wealth tax, investment in skills and training, and the diffusion of knowledge can lead us to a different outcome."

So, capitalism leads to huge inequalities, it's in the inherit nature of capitalism. We must pass laws to "redistribute" the inequality created by capitalism.

Soooooooo, if capitalism is so flawed, why NOT develop a better economic system? Why stick with an economic system that must constantly be regulated to prevent abuse?

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Why Economist Thomas Piketty Has Scared the Pants Off the American Right [View all] xchrom Apr 2014 OP

The American right has never been able to handle facts malaise Apr 2014 #1

... xchrom Apr 2014 #2

Nor does the American right have a clue about Marxism Fortinbras Armstrong Apr 2014 #35

I have long believed that corporate America malaise Apr 2014 #41

Oh, there are plenty of other people who have studied Marx -- and Lenin Fortinbras Armstrong Apr 2014 #105

Unfortunately the leaders have enough money that they don't have to handle facts hootinholler Apr 2014 #59

they can pay people to handle facts for them. TeamPooka Apr 2014 #66

This Yo_Mama_Been_Loggin Apr 2014 #69

Mostly, they can't handle the fact that they've been suckered Warpy Apr 2014 #104

at some point Sherman A1 Apr 2014 #3

The system throws sufficient bones at the workers quaker bill Apr 2014 #6

And Communism raised so much fear, massive armies were raised happyslug Apr 2014 #98

That would be the smart thing to do, but unreg-capitalism doesnt have a mechanism for that. rhett o rick Apr 2014 #13

Unsustainable? Indeed. Hence increased surveillance RufusTFirefly Apr 2014 #22

Agreed Sherman A1 Apr 2014 #47

George II dropped some subtle-as-an-anvil clues... Eleanors38 Apr 2014 #55

Looks like America's middle class voted itself right out of existence nikto Apr 2014 #90

The Frog and the Scorpion would seem to fit here. nt Jeff Murdoch Apr 2014 #26

throwing bones to the people demigoddess Apr 2014 #88

Name calling is all they have, so they resort to it right away. nt bemildred Apr 2014 #4

"Thats Communism" is always the R.W. dotymed Apr 2014 #5

The insane part of that is... bvar22 Apr 2014 #56

Even more insane is their policies breed communists/ revolution ErikJ Apr 2014 #65

Has anyone read the book? Victor_c3 Apr 2014 #7

Bill Moyers, interviewing Paul Krugman, said it was something most could read rurallib Apr 2014 #8

Library? seabeckind Apr 2014 #9

My copy should arrive this week malaise Apr 2014 #10

Library? mikeysnot Apr 2014 #14

I just finished the introduction and moving to the body of the work. mulsh Apr 2014 #34

Thanks Victor_c3 Apr 2014 #37

I bought it last week daleo Apr 2014 #97

What is Piketty's stance on fluoridation? Orrex Apr 2014 #11

What? How does that possibly connect to economics? Thor_MN Apr 2014 #27

It has to do with the the implication that he's a communist. Orrex Apr 2014 #36

I get it, after the precious bodily fluid comment Thor_MN Apr 2014 #87

It has to do with your hard-core commie plot to introduce impurities into our precious bodily fluids tclambert Apr 2014 #39

Ever seen Piketty drink a glass of water? Gidney N Cloyd Apr 2014 #49

No, but have you seen this? DearAbby Apr 2014 #75

Hmm... Gidney N Cloyd Apr 2014 #77

Unfettered capitalism The Wizard Apr 2014 #12

So when will they do it again? The bankster's extortion worked. The biggist heist in rhett o rick Apr 2014 #15

They are still doing it n2doc Apr 2014 #23

And partly the bankers are getting away with it because of the truedelphi Apr 2014 #83

I am thinking that Pres Obama might have been "encouraged" to hire Geithner and Bernanke. rhett o rick Apr 2014 #86

Were you able to type out your reply with truedelphi Apr 2014 #92

Well I think it's easiest to see in the area of intelligence. rhett o rick Apr 2014 #108

A friend of mine had some interesting comments. HooptieWagon Apr 2014 #48

I'm reccing, though articles like this always give me pause. Starry Messenger Apr 2014 #16

There has never been a true Marxist/Communism country, they are/were a tyrannical dictatorship mrdmk Apr 2014 #80

I'm not a liberal, so we'll have to disagree. Starry Messenger Apr 2014 #93

No Surprise - The Behavior Is Predictable cantbeserious Apr 2014 #17

are they really scared? hfojvt Apr 2014 #18

The majority of Americans didn't read Milton Friedman or Friedrich Hayek alcibiades_mystery Apr 2014 #32

but those philosophies bought their way in hfojvt Apr 2014 #40

I don't think it is necessary for all Americans to read the book but it is essential that those who jwirr Apr 2014 #50

Check the top two selling books here at Powell's in Portland! cascadiance Apr 2014 #101

and it's $25 in hardcover hfojvt Apr 2014 #106

They will listen once Obama is out of office. nt kelliekat44 Apr 2014 #19

The best demo of this is to try to stan a pyramid upside down. Maybe that can get through to the kelliekat44 Apr 2014 #20

Why are economist so enamored with capitalism? fasttense Apr 2014 #21

Marx was an economist. kristopher Apr 2014 #38

Yes, Marx was an economist. I should not have lumped all economist into one group. fasttense Apr 2014 #51

Ok kristopher Apr 2014 #54

It's hard to explain centuries of destruction caused by capitalism fasttense Apr 2014 #107

How do you think we could eventually get "an educated and politically involved populace"? Dawgs Apr 2014 #58

This message was self-deleted by its author kristopher Apr 2014 #81

It's a good first step. kristopher Apr 2014 #82

Mandatory Voting? Done only in countries where they go through the motions of voting happyslug Apr 2014 #100

That has nothing to say about what might be done here kristopher Apr 2014 #103

Marx was a Historian, his strength was connecting Economics with History happyslug Apr 2014 #99

Not really relevant to the discussion kristopher Apr 2014 #102

I think it's highly ironic when someone runs away from Marx....... socialist_n_TN Apr 2014 #24

I wonder if he does that because Marx is so demonized by the cult of A. Smith in the academic econ Ed Suspicious Apr 2014 #42

Obviously he distances himself from Marx Progressive dog Apr 2014 #45

Sad abelenkpe Apr 2014 #25

K & R !!! WillyT Apr 2014 #28

The irony is that the majority of these wing nut flame throwers grew up.... Trust Buster Apr 2014 #29

Exactly randys1 Apr 2014 #31

When the dolts wake up to our reality things might change randys1 Apr 2014 #30

Climate change ... or peak oil (already here) ... one or the other ... or a bit of each ... brett_jv Apr 2014 #71

You know what angers me the most randys1 Apr 2014 #78

I could have done without that image in my head xfundy Apr 2014 #33

The title of this piece is deceptive raindaddy Apr 2014 #43

Not solely because of the right - TBF Apr 2014 #46

A baseball comes crashing through your window... raindaddy Apr 2014 #52

I didn't say they hadn't TBF Apr 2014 #53

And rightly so - he tells it like it is. K&R nt TBF Apr 2014 #44

Sold out on Amazon currently PasadenaTrudy Apr 2014 #57

All the RW has to do is scream marxist... IkeRepublican Apr 2014 #60

True that!!! raindaddy Apr 2014 #62

Douthat and his tribe Tsiyu Apr 2014 #61

Freedom Fries will be on the menu soon, catered by the MSM and Wall Street. nt adirondacker Apr 2014 #63

I don't think Mr. Piketty is a flash in the pan vlakitti Apr 2014 #64

To many people, shrinking resources, global collapse. WHEN CRABS ROAR Apr 2014 #67

Malthus was wrong. So are you. Ed Suspicious Apr 2014 #70

Well that was quick, nothing to worry about, whee WHEN CRABS ROAR Apr 2014 #79

Is not the entire right-wing screed, ideology, mantra about a government of, by, and for the indepat Apr 2014 #68

The PROBLEM is the Dems are busy trying to convince the rich that an oligarchy is a "bad" thing... Spitfire of ATJ Apr 2014 #72

Douthat is a moron, almost as stupid as Maureen Dowd. (nt) Paladin Apr 2014 #73

It's no wonder that Millenials prefer socialism to capitalism by a slight margin eridani Apr 2014 #74

The current income inequality is not sustainable Gothmog Apr 2014 #76

Please remember that this guy is incapable of predicting the future. AngryAmish Apr 2014 #84

Well Then... Let's Consider The Past... Because We KNOW That THAT Worked... WillyT Apr 2014 #91

Post removed Post removed Apr 2014 #94

That's An Accusation... Which Does Not Enhance Discussion... And Leaves Nobody Enlightened... WillyT Apr 2014 #95

I live right dab smack in the middle maindawg Apr 2014 #85

"A rising tide lifts all boats" Curmudgeoness Apr 2014 #89

Trckle Down, still in vogue in Washington DC. blkmusclmachine Apr 2014 #96