Biden’s plan to create millions of energy jobs might work, but only because renewables are so labor-intensive and only at a very high cost

According to president-elect Joe Biden “If executed strategically, our response to climate change can create more than 10 million well-paying [clean energy] jobs in the United States that will grow a stronger, more inclusive middle class enjoyed by communities across the country, not just in cities along the coasts.” Is that possibly true?

Source: Biden’s plan to create millions of energy jobs might work, but only because renewables are so labor-intensive and only at a very high cost

Giving thanks for the magic of the marketplace, the invisible hand of strangers, and no turkey czars

This Thanksgiving post has been an annual tradition at CD and I feature a slightly revised version again this year! Like in previous years, most of you probably didn’t call your local supermarket ahead of time and order a Thanksgiving turkey this year.

Source: Giving thanks for the magic of the marketplace, the invisible hand of strangers, and no turkey czars

Lockdowns as a Political Tragedy of the Commons

Several of the leading European countries are now in the process of implementing a second wave of social and economic lockdowns in the face of new and a rising number of cases of the coronavirus. After bringing their societies to near total halts in the spring of 2020 with lockdowns and shutdowns in the name of “flattening the curve” to not overwhelm medical facilities and, hopefully, stop any further spread of the virus, this new increase in cases has brought about a repeat of the same governmental response: prohibit many human contacts by closing or restricting business activities and ordering people to stay at home.

Source: Lockdowns as a Political Tragedy of the Commons

Socialism Means Central Control of the Means of Production — The Writer in Black

BREAKING NEWS, PASS THIS ON BY EVERY CHANNEL AVAILABLE TO YOU: Emails: Top Ukrainian Exec Asked Hunter How to ‘Use Your Influence’ on Burisma’s Behalf AND Facebook, Twitter ‘Reducing’ the Distribution of New York Post Story on Hunter Biden Emails (And by reducing the distribution, read “banning.”) Pass it on: email, phone, your blogs. Just […]

Socialism Means Central Control of the Means of Production — The Writer in Black

Let us be clear on one thing. “Socialism” whatever form it takes: International, National, “Democratic”, “Market” (whatever that’s supposed to mean, but it was apparently a thing back in the 1940’s), whatever, cannot escape from the definition of socialism itself: an economic system where the economy is centrally planned and where the means of production are owned or controlled by the state. “Control” is the key element that makes it socialism. That is the core element of ownership. If one remains an owner “on paper” but the decisions about use are dictated by the state then it’s socialism. Because the real ownership is by those who make the decisions, whatever some piece of paper says about ownership.

Now, this is the important part. Tattoo it on your eyelids, add it as the welcome screen on your computer, whatever it takes to get you to learn it and remember it deep down in your gut:

YOU are a “means of production.” And that means that _you_ need to be “controlled/owned” by the state. You. Not just your neighbor. Not just “the wealthy”, the “1?”, “cishet white males”, or whatever other group you want to bring down. You.

Why Socialism Failed

And will continue to fail.

Socialism Ignores Incentives

A pyramid scheme is ultimately unsustainable because it is based on faulty principles. Likewise, collectivism is unsustainable in the long run because it is a flawed theory. Socialism does not work because it is not consistent with fundamental principles of human behavior. The failure of socialism in countries around the world can be traced to one critical defect: it is a system that ignores incentives.

“Pure” Socialism

The Marxist admitted that many “socialist” countries around the world were failing. However, according to him, the reason for failure is not that socialism is deficient, but that the socialist economies are not practicing “pure” socialism. The perfect version of socialism would work; it is just the imperfect socialism that doesn’t work. Marxists like to compare a theoretically perfect version of socialism with practical, imperfect capitalism which allows them to claim that socialism is superior to capitalism.

Prices

The price system in a market economy guides economic activity so flawlessly that most people don’t appreciate its importance. Market prices transmit information about relative scarcity and then efficiently coordinate economic activity. The economic content of prices provides incentives that promote economic efficiency.

Profits and Losses

Socialism also collapsed because of its failure to operate under a competitive, profit-and-loss system of accounting. A profit system is an effective monitoring mechanism which continually evaluates the economic performance of every business enterprise. The firms that are the most efficient and most successful at serving the public interest are rewarded with profits. Firms that operate inefficiently and fail to serve the public interest are penalized with losses.

Private Property Rights

A third fatal defect of socialism is its blatant disregard for the role of private property rights in creating incentives that foster economic growth and development. The failure of socialism around the world is a “tragedy of commons” on a global scale.

Incentives Matter

Without the incentives of market prices, profit-and-loss accounting, and well-defined property rights, socialist economies stagnate and wither. The economic atrophy that occurs under socialism is a direct consequence of its neglect of economic incentives.

Ronald Bailey: The World Is Getting Cleaner, Richer, and Safer

In the time of a global pandemic, soaring unemployment, massive wildfires, and racial strife, it feels like the world is going to hell. It’s not, says Reason Science Correspondent Ronald Bailey, the coauthor (with HumanProgress.org’s Marian Tupy) of Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting .

Source: Ronald Bailey: The World Is Getting Cleaner, Richer, and Safer