Monday, January 07, 2008

Wanna Go

Here's something new from the Ayn Rand Institute: The "Market Failure" Fallacy, a speech by Brian Simpson. From the synopsis:

In contemporary economics textbooks there is typically at least one chapter devoted to the topic of "market failure," where it is claimed that capitalism leads to undesirable results, such as the creation of monopolies, harmful environmental effects, and an unjust "distribution" of income.

Now this sounds like a very interesting talk, because it's about one of my biggest pet peeves of all time (right behind "It's for the Children."). I used to get so irritated in grad school, as I had several Economics classes in which a whole class period was devoted to "Well, this is all great in theory, but the Real World doesn't really work this way." And this was in BUSINESS school, where you'd think people would sort of be, you know, pro-capitalism. My classmates often thought me a bit strange, especially the time I used the word "moral" in referring to capitalism. Economics? Morality? It's pitiful that those two terms are viewed as strange bedfellows.

I wish I was a wee bit closer to California so I could attend. Maybe Mr. Simpson or some nice person from the ARI will write up the speech into a readable essay.

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