Nick Gillespie

I hear you, but we will disagree with this to a large degree on this. Oh, okay. I don't think it changed. And I'm not saying that there weren't times where capitalism was red in tooth and claw and exploitative. When was it not? I guess that would be the easier question.

I hear you, but we will disagree with this to a large degree on this. Oh, okay. I don't think it changed. And I'm not saying that there weren't times where capitalism was red in tooth and claw and exploitative. When was it not? I guess that would be the easier question.

Well, the reason what I'm getting at is saying that when you, you know, if you go back and this is something there's a type of school of economic thought called public choice economics, which talks about how, you know, the story that progressives tell, capital P progressives in particular tell about capitalism is that it was awful

Well, the reason what I'm getting at is saying that when you, you know, if you go back and this is something there's a type of school of economic thought called public choice economics, which talks about how, you know, the story that progressives tell, capital P progressives in particular tell about capitalism is that it was awful

First off, nobody paid those tax rates because those were the printed rates. No, seriously. But that's why people, that's why things like expense accounts and all sorts of things were invented for upper level people. Sure.

First off, nobody paid those tax rates because those were the printed rates. No, seriously. But that's why people, that's why things like expense accounts and all sorts of things were invented for upper level people. Sure.

The main engine of things like people being able to buy their own homes and whatnot, it was increases in productivity through industrialization and mechanization. It was not, I would argue, it was not unionization. It wasn't the GI Bill.

The main engine of things like people being able to buy their own homes and whatnot, it was increases in productivity through industrialization and mechanization. It was not, I would argue, it was not unionization. It wasn't the GI Bill.

I'm not saying those things didn't have an effect, but that it's because we became wealthier because suddenly we were building an economy that used machines and other things to become massively more productive. Wages went up.

I'm not saying those things didn't have an effect, but that it's because we became wealthier because suddenly we were building an economy that used machines and other things to become massively more productive. Wages went up.

Sometimes they're higher, sometimes they're higher, sometimes they're lower. But like right now in America, we're basically, we have like the highest median household income that we've ever had adjusted for inflation.

Sometimes they're higher, sometimes they're higher, sometimes they're lower. But like right now in America, we're basically, we have like the highest median household income that we've ever had adjusted for inflation.

No, you have to look into what that means. 60 plus percent of Americans own their own home compared to in the 50s, it was much lower. They have college educations, they have more stuff.

No, you have to look into what that means. 60 plus percent of Americans own their own home compared to in the 50s, it was much lower. They have college educations, they have more stuff.

Massively higher. And food is cheaper. You know, everything is more abundant. Plus, you get the personal liberty stuff, which I think is part of capitalism. I don't think, you know, it's not like capitalism is an economic thing and then, you know, it's the weekend and you're going to go to Plato's Retreat or Studio 54. You know, they're all part of the same system, right? Yeah. Right.

Massively higher. And food is cheaper. You know, everything is more abundant. Plus, you get the personal liberty stuff, which I think is part of capitalism. I don't think, you know, it's not like capitalism is an economic thing and then, you know, it's the weekend and you're going to go to Plato's Retreat or Studio 54. You know, they're all part of the same system, right? Yeah. Right.

Having said all of that, I mean, just to get back to it, it's like what capitalism does and there's an economist named Joseph Schumpeter, the guy who created, he coined the term creative destruction and in a book during World War II called Capitalism, Socialism and Democracy, he said, you know, the great achievement of capitalism was not making more silk stockings for Queens, the Queens of England, the Queens of Europe, but bringing them in reach of factory girls.

Having said all of that, I mean, just to get back to it, it's like what capitalism does and there's an economist named Joseph Schumpeter, the guy who created, he coined the term creative destruction and in a book during World War II called Capitalism, Socialism and Democracy, he said, you know, the great achievement of capitalism was not making more silk stockings for Queens, the Queens of England, the Queens of Europe, but bringing them in reach of factory girls.

So you've heard of the massive economic crash that happened in the early 20s. That was bigger than the stock market crash in 1929. No. Yeah. And the government didn't do anything, and the stock market recovered very quickly.

So you've heard of the massive economic crash that happened in the early 20s. That was bigger than the stock market crash in 1929. No. Yeah. And the government didn't do anything, and the stock market recovered very quickly.