Tuesday, May 01, 2007

A definition of capitalism?

Take a gander at this one. H/T WND.

Notice that the author assumes that capitalism is corporatism--really mercantilism. It is a bitter irony that that which Adam Smith argued vociferously against--mercantilism--is being represented as what Smith advocated--free markets. And again, it doesn't help that executive hirelings often characterize themselves as entrepreneurs.


Shawn said...

and; they're *not* entrepreneurs, because none of their own capital is at stake?

and..."h/t wnd" ??

Bike Bubba said...

"Hat Tip to WorldNetDaily"

And you bet they're not entrepreneurs. An entrepreneur is the one who organizes, operates, and assumes the risk for a business venture. Managers, strictly speaking, only operate a preexisting venture, though some may also be entrepreneurs.

Put another way, if you and I the taxpayers are left holding the bag if the MOA expansion fails, then the executives running the MOA are not entrepreneurs.

Shawn said...

okay; yeah...that makes sense; just wanted to make sure i was following your reasoning there.

seriously man...you're teaching me lots.

Bike Bubba said...

Praise God for that, but far more for the fact that you're learning things for yourself.

Quick thought on the study of economics; given your partially libertarian tendencies, you're going to want to be very careful about where you go if you decide to do this. Most economics departments across the country devote a disproportionate amount of time to econometrics (statistical models of economies) that most libertarians view as marginally useful at best, a means for government control at worst.

Plus, you've got a wonderful career already as an architect, and a wonderful wife to spoil. Whatcha thinkin? :^)