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The entire theory of capitalism is that everyone always acts rationally and in their own interest. In reality, humans are frequently irrational and acts against
by chillfox 7y ago
The entire theory of capitalism is that everyone always acts rationally and in their own interest. In reality, humans are frequently irrational and acts against their own interests.
Basically the foundations upon which capitalism stands are cracked and have always been craked.
Regulation is what usually fills out those cracks to prevent the entire thing from crumbling.
- barney54 7y agoThis view misses much of what has happened in economics since 1980. https://reason.com/2019/10/20/the-third-lesson-of-economics/ https://reason.com/2019/10/20/the-third-lesson-of-economics/
- dredmorbius 7y agoReason (FEE / Atlas Group / Mont Pelerin Society / Koch Network) are feeding their own interest here and are hardly indifferent. Or correct.
- alvah 7y agoThe theory of capitalism is that the means of production are privately owned (as opposed to government owned). What you're talking about is part of economic theory, not the same as capitalism at all.