Five Myths About Free Enterprise, by Arthur Brooks

From the Washington Post, an excellent primer for freedom in the marketplace.  The myths he answers:

  1. Free enterprise hurts the poor.
  2. Free markets are driven by greed.
  3. Free enterprise breeds envy.
  4. The free market caused the financial meltdown.
  5. Free enterprise is unfair.

A couple of highlights:

  • Free markets are rarely driven by greed but by earned success.
  • In a society that rewards initiative and offers opportunity, free enterprise fosters aspiration and ambition.  In a social democracy with economic stagnation, you find envy, resentment, unrest…
  • Loved the exercise he used in class do demonstrate fairness:  Halfway through his course, he proposed that a quarter of the points earned by the top half of the class be passed on to the students in the lower half, to improve grade equality.

 

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