Posted on 04/10/2011 12:33:32 AM PDT by Nachum
Joseph Stiglitz has created a frisson of excitement among the chattering classes with his recent piece in Vanity Fair. Stiglitz thinks that maybe the uprising on the Arab street will come here. His article decries the fact that in America, a small percent of the population has the greatest amount of wealth. He says they monopolize "the nation's income." The nation's income? What exactly does that phrase mean?
Stiglitz' article is a classic re-statement of Marxism's critique of free enterprise. The idea that the rich somehow "control" all the wealth in the country, that they act in concert, that their actions harm those of lesser wealth, that income inequality is the thing we should focus on, and that the "nation" owns all the wealth created within its borders -- all of this was said before in Das Kapital.
I'll take my own family as an example of why Stiglitz is wrong. For most of his life, my father was the sole support of our family. He worked with his hands as a carpenter every day. When rain or snow canceled his work, he didn't get paid. It was that simple.
(Excerpt) Read more at americanthinker.com ...
To think that my microeconomics textbook was written by Stiglitz and macroeconomics was by Jeffrey Sach... sigh... Thanks God in graduate course it was by Barro...
Marxism is harder to kill than Dracula.
graydon carter’s fat, rich social climbing rump should
be horsewhipped. none of the people at vanity fair
deny themselves anything. their magazine survives
off advertisement of insanely high priced goods
and they seem to have slavish devotion to wealth
and connections. they will be the first people
pushing old ladies and children off the lifeboats
to make room for themselves should the uprisings come.
I have never been able to figure out the logic of this argument. No one can explain to me why it is that the nation’s wealth actually belongs to those who can’t be bothered to work. Not one person can give a good reason why that is true. So, therefore, IT IS NOT TRUE! Socialists just want equal outcomes. They don’t actually want to WORK for that equal outcome.
Like Soros, Gates, Lewis, Buffett and Labor Unions?
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