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<blockquote data-quote="wkmac" data-source="post: 1079603" data-attributes="member: 2189">Re: ObamanomicsThe late economist/historian Clarence Carson circa 1985&#039; wrote a piece that poised a pointed question when considering gov&#039;t intervened economics regardless of who is in charge.Capitalism: Yes or No?Marx often gets the blame/credit for challenging the state privilege of capital and yet it was someone out of the libertarian/classical liberal/free market/laissez faire Hall of Fame who challenged it first.The man who said the above is oddly enough often classified as a socialist and yet he advocated free(d) markets, individual owned property and individualism.&nbsp; Yet Hodgkins also understood the danger that capital in the form of privileged capitalism eg crony capitalism or it&#039;s current evolution in finance capitalism eg consumerism would poise to these very things and the harm to labor, the backbone of what is called the middle class. Sheldon Richman, former editor of The Freeman, also wrote concerning Hodgkins,Whatever Obama is doing in the way of economic policy, it&#039;s clearly within the historical legacy of capitalism and if one doesn&#039;t like the outcome, maybe instead of blaming Obama, one might rethink one&#039;s ideal and belief in what is called capitalism. And when one considers the 3 factors of production being capital, labor and land, why is one component (capital) is so heavily weighted over the other two in modern economics?&nbsp; One could also ask can capital itself come into being without first the action of labor?</blockquote>

[QUOTE="wkmac, post: 1079603, member: 2189"] Re: Obamanomics The late economist/historian Clarence Carson circa 1985' wrote a piece that poised a pointed question when considering gov't intervened economics regardless of who is in charge. Capitalism: Yes or No? Marx often gets the blame/credit for challenging the state privilege of capital and yet it was someone out of the libertarian/classical liberal/free market/laissez faire Hall of Fame who challenged it first. The man who said the above is oddly enough often classified as a socialist and yet he advocated free(d) markets, individual owned property and individualism. Yet Hodgkins also understood the danger that capital in the form of privileged capitalism eg crony capitalism or it's current evolution in finance capitalism eg consumerism would poise to these very things and the harm to labor, the backbone of what is called the middle class. Sheldon Richman, former editor of The Freeman, also wrote concerning Hodgkins, Whatever Obama is doing in the way of economic policy, it's clearly within the historical legacy of capitalism and if one doesn't like the outcome, maybe instead of blaming Obama, one might rethink one's ideal and belief in what is called capitalism. And when one considers the 3 factors of production being capital, labor and land, why is one component (capital) is so heavily weighted over the other two in modern economics? One could also ask can capital itself come into being without first the action of labor? [/QUOTE]

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