According to the critics of capitalism, competition is a cruel process feeding unnecessary wants, that evolves into anti-competitive monopolies acting contrary to the “public interest.”
It is capitalism and the competitive market process that generates solutions to the knowledge problems of the society, including the “informational asymmetry” that naturally follows from any developed social system of division of labor.
Harmful monopolies are always created by government.
Those who speak about being on the “right side of history” have, knowingly or not, adopted a central element in Karl Marx’s analysis of capitalism
One of the most common phrases to be heard from those on “the left” is the assertion that someone or some public policy is or is not on “the right side of history.”
If we embraced the moral code of rational egoism, we would solve all of today’s economic problems … and reach unprecedented human prosperity and flourishing
Say’s Law of Markets already included the answers to the questions against free markets with which the Keynesians attempted to challenge the efficacy of capitalism a century later.
The task is not to be on some mythical “right side of history,” but to make history reflect the triumph and success of the idea and ideals of human liberty.
Marx saw himself as the sociological and economic analyst of the capitalist epoch through which he was living.
Almost 170 years have passed since Frédéric Bastiat’s death, but there are few writers on economic topics that remain as readable or relevant to the issues of our own day.