Finance & Fury Podcast

  Welcome to Part Two: Let’s look at these claims: Means of production owned by the public or state This removed property rights – Which is the foundation of wealth accumulation Think of a group assignment – social loafing Property rights lead to incentives Zimbabwe – Took property rights away – expropriated land and property rights China – Introduced property rights – Incentivised farmers – reduced starvation Australia – Same thing – gave the convicts rights – as was only way to get them to work – Joke: ‘pretend to pay us, so we pretend to work’ Equal opportunity for all I have an issue with this – it is equal outcome for all, NOT equal opportunity (unless zero) The outcome is nobody can get ahead, so they have zero opportunity You want to start a business? You can’t! You want to buy a house? You can’t! You want to save for yourself? Well, you don’t get paid…and the government can take all your savings anyway Economic activity and productions are planned by central planning There is no feed