VIP (Very Important Post) from Scott Sumner on capitalism

The VIP was written by Scott Sumner on Econlog. It’s titled, Capitalism has a PR Problem. Here’s Scott:

My image of capitalism is the rich and happy bourgeoisie of Zurich, Switzerland, and my image of socialism is the tens of millions who starved in famines in China, Russia, the Ukraine, Cambodia, North Korea and elsewhere. But that’s not the image of Pope Francis, it’s not the image of Bernie Sanders supporters, and it’s not the image of most intellectuals.

There’s an interesting discussion in the comments following that post.

One commenter said his image of communism is Starship Enterprise.

Another commenter noted that image of communism was produced in California on a soundstage by actors who were working under capitalism, where they only get fired if they don’t do their job, instead of being sent to the prison or worse.

For those with Starship Enterprise view of communism, it would be good for them to know that Communism leaves a major problem unsolved in a world with scarcity — the knowledge problem.




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