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Richard Stallman's Political Notes

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Creative destruction

lundi 19 octobre 2020 à 02:00

Plutcratist economists call unemployment "creative destruction."

In the 80s and 90s, plutcratist politicians said the solution for unemployment in the US was to teach Americans to be "more entrepreneurial". Kudlow is saying the same thing in different words. What they disregard is that starting a business typically requires an investment of capital, that investment is a gamble, and you shouldn't gamble what you can't afford to lose. Most people in the US can't even scrape together 400 dollars for an emergency; they can't afford to invest in the risk of starting a business.

Starting a business with a good chance of success also requires knowing all aspects of that business. Most people don't have suitable knowledge. And success for the business requires superiority or unmet demand.

The same Kudlow told the public in February that the novel coronavirus was no problem, while telling rich Republicans that no one knew how dangerous it was.