Loc: North San Diego County
Now how can that be with the 'invisible hand'?
Those are all failures to regulate the capitalist impulse properly. I never believed all that BS about the invisible hand delivering the ideal world. That's not economics, it's religion or philosophy. I'm talking about the effects individual decisions have on the economy. The problem with "invisible hand" with no regulation is that people may decide robbery and murder are the best economic approach. Obviously, you need the caveat "within the law" and the government has to actually regulate the hell out of our economic decisions. (pun intended)
This is why we need a mixed system. Pure capitalism equals cannibalism. Pure socialism fails be cause people are not virtuous. A mix of the two with all the regulations needed works. If you push it one way or the other (like since Reagan) it does not work as well. AOC wants a 73% top income tax rate. Eisenhower had a 93% top rate. Lots of economists think AOC has the right number, seeing as how she got it from them, not the other way around.