3 ms·
> I've never seen evidence of the invisible hand helping anyone but the owners. Just look around you. Adjusted for inflation, the median annual income in 1920
by defertoreptar 8y ago
> I've never seen evidence of the invisible hand helping anyone but the owners.
Just look around you. Adjusted for inflation, the median annual income in 1920 was $41,544. For 2018, it hit $61,372. The median person these days has $20,000 worth of more stuff now than they did 100 years ago. That's only possible because of growth, and the trade and competition that goes with it. That competition has driven down costs and drove innovation. We have luxuries people couldn't have dreamt of back then: phones, grocery stores stocked full of food, safe jobs, drugs and medical treatments that would seem like sci-fi.
- komali2 8y agoRight but I don't see what anything of what you just said has to do with the invisible hand.
- defertoreptar 8y agoI'm talking about the post-World War II economic expansion seen in USA, aka "the golden age of capitalism."
- unparagoned 8y agoYou mean when the tax rates on the wealthy were very high?
- defertoreptar 8y agoYou're arguing that the economic expansion was a result of taxing the wealthy? Or, are you saying that because there are ways that this wasn't "the one true capitalism," then that means my whole point is invalid?
- komali2 8y agoWell, I'm still not sure what your point was. I think you were arguing that America's prosperity was due to the invisible hand. I'd argue it was the government creating industries such as infrastructure projects and war.