Friday, July 11, 2014

Free Markets Get Things Right Eventually. Or Not.

Circular logic at its best, or worst:

I've enjoyed Jeff Macke in the past. His droll, quirky-jerky interview style is different. But then he had to open his "capitalism rocks!" yap and editorialize.

Now the smarter amongst us might have thought, "No, capitalism doesn't always get it right if left to "its own pace." In fact, that's the problem: If left to its own devices you get Gordon Gecko more than you get Mother Teresa.

Where am I wrong here? Sorry, Jeff Macke. There is a reason the SEIU asks for $15 for fast-food workers. It's a living wage, something free markets don't want to give to workers. That's why government is needed, and that's to fix markets hellbent on whatever the market will bear. Okay?

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