Friday, February 21, 2014

Somewhere, over the cost curve...

Shorter David Brooks, "Capitalism for the Masses", February 21 2014:
In my favorite opera, "The Barber of Barcelona", the wealthy young economist Count Brooks (no relation) must disguise himself as an impoverished hornist (with the orchestra of the Gran Teatre del Liceu) in order to gain access to the shuttered home of his enamorada. If this story were true, and who's to say it isn't, the Count might end up later in life as the head of a prestigious conservative think tank like the American Enterprise Institute, and what he'd be telling us all, I'm sure, is, "Don't follow your head, follow your heart. And stop arguing for capitalism on economic grounds, because in addition to all those ghastly formulas and tables it just doesn't make any sense. Instead, argue for capitalism on moral grounds: so what if it doesn't make us all rich, it's the right thing to do!"

And if you want some actual analysis of the silly thing, go check out Steve M., who nailed it much more cleanly than I would have done.

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