Monday, February 2, 2015

(Re-Post) Anti-capitalism myth: Economic stagnation

Original post 1/16/13: One of the standard anti-capitalist myths holds that, over time, economic mobility decreases in a capitalist society, the result of which is a sector of society stagnating at the bottom of the economic ladder.  In this view, the rich have gamed the system such that they stay at the top of the ladder while those below remain stuck on the lower rungs.  In other words, there is little movement up -- or down -- the economic ladder.  Well, as is usually the case with the anti-capitalist perspective, it's wrong.  And here economics professor Steve Horwitz explains why in this excellent, short video: