May 25, 2014

Today’s Economic History Lesson

Brilliant (HT NewsAlert):

You want a real “hockey stick”? I’ll give you a real hockey stick:

FreeMarketsHockeyStick

The world meandered along for millennia with the average person earning $3 a day.

Then in the early 1800s, it began to shoot up.

Innovation is responsible.

According to the video’s presenter, Deirdre McCloskey, a Professor of Economics, History, English, and Communication at the University of Illinois-Chicago, the rise in innovation which created upward, hock stick-shaped trajectory occurred because of the rise of economic liberty and and the evolution of a cultural position of social honor for inventors, merchants, and manufacturers.

That is, free markets and capitalism are responsible.

Unfortunately, the U.S. is moving away from what has worked. It is being supplanted by regulatory tyranny and the government-crony complex, a fancy term which really means “exploitation of those who aren’t connected by those who are.”

Related: “Big Green wants to repeal the Industrial Revolution.” Occasionally, you actually hear them say this.

Whether stated or not, their agenda would take the world back to $3 a day.

But the world as they envision it could NOT support its current population of 7-plus billion. Billions would necessarily have to die to get to their “one with nature” utopia. Some of them even acknowledge this, and don’t seem to mind.

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2 Comments

  1. Great article. I’d love to see this same article incorporate analysis of how bad the conditions of so many workers seemed, compared to how bad it needed to be.

    Comment by padraeg — May 26, 2014 @ 1:28 am

  2. #1, do you mean how bad they were then, to how not as bad they are now?

    Comment by Tom — May 26, 2014 @ 8:56 am

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