A Quote by Jeremy Grantham
Capitalism does millions of things better than the alternatives. It balances supply and demand in an elegant way that central planning has never come close to.
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If the central contest of the twentieth century has pitted capitalism against socialism, then F. A. Hayek has been its central figure. He helped us to understand why capitalism won by a knockout. It was Hayek who elaborated the basic argument demonstrating that central planning was nothing else but an impoverishing fantasy.
Capitalism is the best way of organizing economic activity for a lot of reasons. It unlocks a higher fraction of human potential, it balances supply and demand, it's more consistent with higher levels of freedom. But the way we're pursuing it now, focuses on such short-term horizons, that a lot of businesses and investors are tempted to look at investments in terms of what's gonna happen in the next 90 days, what's gonna happen in one year. But the old phrase, "Good things take time," is true of successful businesses as well.
We are headed toward 'perfect capitalism,' when the laws of supply and demand become exact, because everyone knows everything about a product, service or customer. We will know precisely where the supply curve meets the demand curve, which will make the marketplace vastly more efficient.
If we're going to live as we are in a world of supply and demand, then journalists had better find a way to create a demand for good journalism.
People think what's in the US today is capitalism. It's not even close to capitalism. Capitalism doesn't have a central bank, capitalism doesn't have taxes, it doesn't have regulations; capitalism is just voluntary transactions. What they have in the US today I call crapitalism. But it's sad that so many people are confused and they think, 'Oh that's free markets in the US', when it's one of the least free market countries on earth.
The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science.
You want supply to always be full, and you use price to basically either bring more supply on or get more supply off, or get more demand in the system or get some demand out.
The Statist deflects public scorn for the consequences of his own central planning by blaming the very industry he is sabotaging for supply dislocations and price hikes.
The cycle of jobless youth, uncertainty about the future, depressing consumption, and weak investment and stresses on both the supply and demand side of economies are all thorns in the wheel of capitalism.
People need to stand up hold hands, talk about alternatives. Alternatives, alternatives, alternatives. And people united will never, ever be defeated.
I'll never believe that Americans have racticed in our history anything close to the purest form of democracy of the world. Because there are lots of democracies around the world that function better than ours does. It's always been that way. There's some truth to the idea that it's rigged, but there is a way that it's supposed to work that.
[Capitalism is] that commercial system in which supply immediately answers to demand, and in which everybody seems to be thoroughly dissatisfied and unable to get anything he wants.
If people long to create a better world, then we must use our platform to nurture imagination - hopeful ideas, fresh alternatives, belief that the way things are isn't the way things need to be.
While Obama might not push college education exclusively, like most Democrats he does oversell it and does shortchange the alternatives. And millions of young Americans pay the price.
One cannot buy, rent or hire more time. The supply of time is totally inelastic. No matter how high the demand, the supply will not go up. There is no price for it. Time is totally perishable and cannot be stored. Yesterday's time is gone forever, and will never come back. Time is always in short supply. There is no substitute for time. Everything requires time. All work takes place in, and uses up time. Yet most people take for granted this unique, irreplaceable and necessary resource.
Millions of individuals making their own decisions in the marketplace will always allocate resources better than any centralized government planning process.
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