Lotte grocery store in Fairfax VA, a favorite market. Click to embiggen

The economy is too important for it to be left to the impersonal machinery of markets. Economics only cares about money and profits, and totally neglects to consider that people matter.

The problem with capitalism is that it neglects the human being and instead deifies profits, productivity and efficiency, and it completely ignores humanity. Socialism, by contrast, cares about people. It’s there in the very word — socialism has social in it. Therefore, it must be good.

Markets are by construction amoral, if not immoral. Therefore, markets must be regulated by the government, and whenever markets fail to work out the socially optimal outcome –which is perennially and everywhere because markets are heartlessly driven by pure greed — the government must intervene and set things straight. Continue reading “Markets”

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