The so-called conservatives don’t have a lock on silly ideas about the economy.
We so-called liberals have to guard against falling for articles of equal silliness on the opposite side.
Follow this link to read the article of Steven G. Brant about the demise of capitalism.
Follow this link to see the comment I made in response.
In the comment, I finally came up with an explanation for what is wrong with only having a qualitative understanding of economic principles (or any other principles for that matter).
The author said “You either have Capitalism or you don’t”.
Having only a qualitative understanding may be the reason for this silly all or nothing notion. Oddly enough the bio of the author claims that he has a civil engineering background. I can’t imagine doing civil engineering without quantitative calculations.
A simple example is a chef with a five pound bag of sugar and a desire to make a pie. Qualitatively she or he knows that the pie needs some sugar. When making a pie, the chef doesn’t ponder whether or not to put in the whole bag of sugar or none at all. The chef knows that there is a measured amount that will be good. Put in far too much or far too little and the pie is inedible.
Life is like this. At some point you have to know when enough is enough. You also have to know when too little, too late will do no good.