Tag Archives: economics

Monday Afternoon Ramblings – 6/17/2019

The path to individual freedom begins with economics. My oldest son, who identifies as a centrist libertarian, loves to peruse Tumblr and debate leftists. Through him, I hear a plethora of communist rhetoric being pushed by millennials with what I assume to be good intentions.

If I could convince those people of one fact, it would be this: capitalism is by far the better, more efficient system for economic development. Every single real world attempt at communism has resulted in economic stagnation, shortages, and hyperinflation. The Soviet Union, Cuba, Chile, North Korea, and Venezuela, just to name a few examples. Things are so bad in Venezuela now that a full day’s wages for the average person will not purchase 1000 calories of food.

I get that things are not perfect in our system. We do need better wage structures that are linked to productivity instead of an hourly wage. We absolutely need healthcare reform so that everyone has access to standard care. We must fix education so that students have access to real world skills and knowledge without being saddled by crippling debt.

But those are tweaks to the system, not a complete reversal. I have been as poor as a person can be and had to rebuild my entire life at 43 years old. While I’m not wealthy by any stretch of the imagination, I am successfully picking myself up one step at a time. Over the next few weeks, I will try to catalogue how I have done this and illustrate through economics how anyone else can transform their own lives.

That’s all for now.