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August 29, 2015

The Cost Of Capitalism vs. Socialism [CBD]

CoyoteBlog writes, I Have This Argument All The Time With The US Forest Service , but it could be with any government agency doing....anything. The pull quote is marvelous, and one that, while we as obsessed conservatives have internalized, is not common knowledge among those who aren't quite as rabid about political philosophy.

from page 114 of the 5th edition (2015) of Thomas Sowell's Basic Economics :

While capitalism has a visible cost -- profit -- that does not exist under socialism, socialism has an invisible cost -- inefficiency -- that gets weeded out by losses and bankruptcy under capitalism. The fact that most goods are more widely affordable in a capitalist economy implies that profit is less costly than inefficiency. Put differently, profit is a price paid for efficiency.


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posted by Open Blogger at 06:15 PM

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