Markets show “. . . wide spread respect for . . . creativity, excellence and detailed attention to enterprise, working hard, sobriety, and product innovation”

I liked this presentation, particularly the section between the 3:30 to 7 minute mark.  Here is my paraphrase of what Bourdeaux covers in that section:

Bourdeaux opens with “One of the facts that I believe now to be irrefutable is indeed the robustness of markets.”  His presentation does a good job of crystralizing McCloskey’s case for the virtues of the markets.  Bourdeaux adds that he  has a greater appreciation for the staying powers, the robustness of the markets, citing how that despite the government regulation the markets have thrived, pointing out that just 80 years ago we had no national minimum wage, no social security, no medicare or medicaid, no Occupy Movement.  Perhaps you’ll like his comments as much as I did.  

And the market never shifted into the idle mode.  The robustness of the markets continues. Markets continue to work . . . very well. Today we are better fed, better sheltered than our parents and grandparents. We remain an astonishing wealthy people and a people’s whose wealth continues to increase.  We’d be a lot wealthier if it weren’t for the burdens in Washington. How can markets continue to work if despite being so prick, prodded, hamstrung, and abused? Book by Deirdre McCloskeyBourgeoisie Dignity, asserts that ordinary people, the business people, the middle class American virtues continue to exist and be applauded . . . is wide spread respect for those activities and mores that are generally so despised by contemporary intellectuals. Business creativity, excellence to details attention to building a business enterprise, working hard, sobriety, product innovation for the sake of turning a profit. These drive our prosperity. These sorts of things At a very individual level is what drives our prosperity . The widespread respect has proven sufficient to keep the capitalist engine fueled and well lubricated. That engine is so powerful and so robust that it can be banged on, kicked, fed doses of really harsh poisons, but it still chugs along. Intellectuals are hostile to the bourgeoisie virtues.

via Robert Wenzel @ EconomicPolicyJournal.

Advertisements

Offer something of value . . .

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s