One aspect of capital that you did not address today (maybe another day) is the accumulated knowledge that allows us to build capital. The inventors, scientists, engineers, and others who have, step by step, figured out how to accomplish all the work that is necessary to maintain our modern lifestyle are a crucial aspect of our accumulated capital. And of course, all those millions of specialists who keep it all working smoothly, more or less. I sometimes worry about the fragility of it all, but since there is nothing I can do about it, I try to focus on other things.
How is it that I never heard this before. It could have changed my life! But even at this late stage it will make a difference as to how I approach it. Thank you.
Bill neglected to mention capitalism would never have become a wealth-making process were it not for the risk-takers among us; the mentally adroit; the visionaries; the problem solvers who sold something to others for more than it cost to make. The difference is wealth
And it's still rare people with these talents who continue to make evermore wealth enabling the well-being of more and more people. The term that describes their efforts is capitalism. More to the point: Without the effective use of capital, there can be no wealth.
Even communists and socialists have to engage in capitalism to produce wealth. The inability of these government systems to do so is further testament that bureaucrats are not effective wealth-makers. For this essential function, it's the entrepreneurs among us.
But hobbling these people with too many bureaucratic burdens, taxes and social mandates will stall the wealth-making so essential for our well-being. As it is, we have too many wealth-takers and not enough wealth-makers
To the elite of the elites, 6.5 billion more people since 1850 is one of the biggest problems in their view of the world. They do not view every soul of equal value, but largely as sub-humans not worthy of equal access to the resources the elites themselves “need.” To this point, when you hear of any new government “solution” to a perceived problem (that they likely created), how would their “solution” be actually addressing this “overpopulation” issue?
Couldn't agree more. I doubt Jesus was a Capitalist or an advocate of individual rights or he would have made the point explicitly, but most Conservatives think that religion, specifically Christianity, is the basis of individual rights, which is interesting since wherever religion (including Christianity) has been in control, people have been subjugated, made to conform, and even tortured. Through her writings, Ayn Rand validated Capitalism and Individual Rights by a process of reason based on what humans are - that is, their main means of survival being their rational faculty. It's our particular type of mind that gives us our main means of survival. And our minds need freedom to function. As Aristotle said - man is the rational animal.
But our "intelligent leaders" want to get rid of capitalism and fossil fuels. Supposedly they are smarter than everyone else who wants to use these resources but,... they have us in greater debt than any normal person ever pondered as the economy slows. Strange reasoning!
Quite an ode to capitalism! Capitalism is just a system of freedom, individuals deciding how to spend their time in pursuit of a better life which in most instances involves producing something of value for yourself, family or others.
The foundation of everything is human effort and ingenuity, someone laboring that invents a better way.
Capital doesn’t produce itself. It is an idea brought to fruition by individuals, they procure the money and create the machinery.
Bill seems to go to out of the way places and labors in the old-fashioned way to build something he values.
He bought a farm in Argentina; some say, they wouldn’t take it he gave it to them. His daughter writes exquisite literature about it and cries about the poignant nature of the people, unspoiled by modern technological encroachments. Bill saw that and enhanced it, something noble.
Labor Day is an ode to men and women, those that utilized their time to create wonderful things. Capital is just an inanimate thing.
Bill very well and positive presentation of a subject that has become taboo by you know who ..?
yet those very same pretenders of anti-capitalisim are the people sucking that most at the teat of the capital that sustains them .. when will they ever learn ? they'll migrate to cities where mooching is encouraged as a socialized policy of supporting the 'poor' who are only poor in spirit and the will to change/work because of a lack of parenting guidance. The society of this millennium will need to drastically revert to the disciplines of the last century when work was not seen and defined as "slavery" but in fact a privilege to be able to work for your daily sustenance. But then the entire capital structure was/is undermined by GREED for ill gotten profits by increasing prices for basic goods and thus creating all the inequities we have today and slowly the entire good ship of capitalism sinks under the load of excess lollipops for all and destruction of the capital-ism that has no morals ethics or principles except greed graft and corruption .. welcome to the USA today!
Absolutely true that the accumulation of capital is the engine of prosperity leading to the need for less labor to produce the same amount of goods and services. But in order to accumulate capital, people need to be free as evidenced by the stagnation during the Dark and much of the Middle Ages, not to mention the futility of the Soviet Union. Capitalism is not just an economic system, it is a socio-politico-economic system that requires freedom (i.e., individual rights) to exist. Capitalism (the free market) is the only system that spontaneously arises when people are free. All other systems are imposed from the top by the rulers, the government, etc. P.S. It is interesting that Bill views women benefiting from Capitalism by making housework much easier. How about that it also allowed more of them to get out of the house and have fulfilling careers as well.
This piece seems to be at odds with Bill's usual theme that the "working stiffs" are no better off today than 50 years ago. And, oh yes, we owe a great deal to fossil fuels and, unless we go all in on nuclear, we will be needing them for a very long time (climate be damned), but they deserve no more salute than the dear old horse and wind sail that powered great strides in earlier ages.
Bill, We don't teach kids how to add and subtract figures in school,so how do we expect them to be entrepeneurs and run their own lemonade stands.We could add and subtract before we were in 1st grade.And yes capitalism was the road to achieve the American dream.As kids we labored to achieve our dreams.Today you ask your parents or the Government for your dreams,thats why we don't celebrate Capitalist day.Just my opinion.
One aspect of capital that you did not address today (maybe another day) is the accumulated knowledge that allows us to build capital. The inventors, scientists, engineers, and others who have, step by step, figured out how to accomplish all the work that is necessary to maintain our modern lifestyle are a crucial aspect of our accumulated capital. And of course, all those millions of specialists who keep it all working smoothly, more or less. I sometimes worry about the fragility of it all, but since there is nothing I can do about it, I try to focus on other things.
Unfortunately very few people are as aware and think the way you do, Bill.
Wonderfully put. A few years ago, I made a similar point about how capital is what allows labor to take a day off:
https://jdbreen.substack.com/p/a-three-day-weekend
How is it that I never heard this before. It could have changed my life! But even at this late stage it will make a difference as to how I approach it. Thank you.
Reading "Atlas Shrugged" by Ayn Rand decades ago changed my life.
Bill, thank you for the best description of capitalism that I have ever read. Please set a date for capitalism day.
Bill neglected to mention capitalism would never have become a wealth-making process were it not for the risk-takers among us; the mentally adroit; the visionaries; the problem solvers who sold something to others for more than it cost to make. The difference is wealth
And it's still rare people with these talents who continue to make evermore wealth enabling the well-being of more and more people. The term that describes their efforts is capitalism. More to the point: Without the effective use of capital, there can be no wealth.
Even communists and socialists have to engage in capitalism to produce wealth. The inability of these government systems to do so is further testament that bureaucrats are not effective wealth-makers. For this essential function, it's the entrepreneurs among us.
But hobbling these people with too many bureaucratic burdens, taxes and social mandates will stall the wealth-making so essential for our well-being. As it is, we have too many wealth-takers and not enough wealth-makers
To the elite of the elites, 6.5 billion more people since 1850 is one of the biggest problems in their view of the world. They do not view every soul of equal value, but largely as sub-humans not worthy of equal access to the resources the elites themselves “need.” To this point, when you hear of any new government “solution” to a perceived problem (that they likely created), how would their “solution” be actually addressing this “overpopulation” issue?
I wish you could keep religion out of it
It is not "religion" to quote a true statement by Jesus or by anyone else.
Unless you have found a way to add to your 24 hours, please tell us.
Couldn't agree more. I doubt Jesus was a Capitalist or an advocate of individual rights or he would have made the point explicitly, but most Conservatives think that religion, specifically Christianity, is the basis of individual rights, which is interesting since wherever religion (including Christianity) has been in control, people have been subjugated, made to conform, and even tortured. Through her writings, Ayn Rand validated Capitalism and Individual Rights by a process of reason based on what humans are - that is, their main means of survival being their rational faculty. It's our particular type of mind that gives us our main means of survival. And our minds need freedom to function. As Aristotle said - man is the rational animal.
But our "intelligent leaders" want to get rid of capitalism and fossil fuels. Supposedly they are smarter than everyone else who wants to use these resources but,... they have us in greater debt than any normal person ever pondered as the economy slows. Strange reasoning!
Quite an ode to capitalism! Capitalism is just a system of freedom, individuals deciding how to spend their time in pursuit of a better life which in most instances involves producing something of value for yourself, family or others.
The foundation of everything is human effort and ingenuity, someone laboring that invents a better way.
Capital doesn’t produce itself. It is an idea brought to fruition by individuals, they procure the money and create the machinery.
Bill seems to go to out of the way places and labors in the old-fashioned way to build something he values.
He bought a farm in Argentina; some say, they wouldn’t take it he gave it to them. His daughter writes exquisite literature about it and cries about the poignant nature of the people, unspoiled by modern technological encroachments. Bill saw that and enhanced it, something noble.
Labor Day is an ode to men and women, those that utilized their time to create wonderful things. Capital is just an inanimate thing.
A “working stiff” is someone who works hard. A “Capitalist Stiff” is someone who hardly works!
Hey Donald. If you ever run a small business, you might shoot out differently.
Bill very well and positive presentation of a subject that has become taboo by you know who ..?
yet those very same pretenders of anti-capitalisim are the people sucking that most at the teat of the capital that sustains them .. when will they ever learn ? they'll migrate to cities where mooching is encouraged as a socialized policy of supporting the 'poor' who are only poor in spirit and the will to change/work because of a lack of parenting guidance. The society of this millennium will need to drastically revert to the disciplines of the last century when work was not seen and defined as "slavery" but in fact a privilege to be able to work for your daily sustenance. But then the entire capital structure was/is undermined by GREED for ill gotten profits by increasing prices for basic goods and thus creating all the inequities we have today and slowly the entire good ship of capitalism sinks under the load of excess lollipops for all and destruction of the capital-ism that has no morals ethics or principles except greed graft and corruption .. welcome to the USA today!
Absolutely true that the accumulation of capital is the engine of prosperity leading to the need for less labor to produce the same amount of goods and services. But in order to accumulate capital, people need to be free as evidenced by the stagnation during the Dark and much of the Middle Ages, not to mention the futility of the Soviet Union. Capitalism is not just an economic system, it is a socio-politico-economic system that requires freedom (i.e., individual rights) to exist. Capitalism (the free market) is the only system that spontaneously arises when people are free. All other systems are imposed from the top by the rulers, the government, etc. P.S. It is interesting that Bill views women benefiting from Capitalism by making housework much easier. How about that it also allowed more of them to get out of the house and have fulfilling careers as well.
Capitalist work hard. Probably harder. Why can’t we have a “Capitalist Day?
This piece seems to be at odds with Bill's usual theme that the "working stiffs" are no better off today than 50 years ago. And, oh yes, we owe a great deal to fossil fuels and, unless we go all in on nuclear, we will be needing them for a very long time (climate be damned), but they deserve no more salute than the dear old horse and wind sail that powered great strides in earlier ages.
Bill, We don't teach kids how to add and subtract figures in school,so how do we expect them to be entrepeneurs and run their own lemonade stands.We could add and subtract before we were in 1st grade.And yes capitalism was the road to achieve the American dream.As kids we labored to achieve our dreams.Today you ask your parents or the Government for your dreams,thats why we don't celebrate Capitalist day.Just my opinion.