The economy is too important for it to be left to the impersonal machinery of markets. Economics only concerns itself with money and profit. It totally neglects to consider that people matter.
The problem with capitalism is that it neglects the human being. Instead, it deifies profits, productivity and efficiency. 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”
Robert Heilbroner (1919 – 2005) defined socialism as “a centrally planned economy in which the government controls all means of production.”
