Showing posts with label Economics. Show all posts
Showing posts with label Economics. Show all posts

Thursday, November 10, 2011

Declaration of Occupation of Wall Street


From what I can tell, the so-called Declaration of Occupation was released a little over a month ago.  But I only noticed it in its most recent media resurrection, and I thought it was worthy of commentary.  In short, sorry if this is all too repetitive.

The primary intent of the document is to list some of their grievances, which I will get to below the fold.  But I think the preamble requires comment as well.  One of the most problematic statements is "[...] corporations do not seek consent to extract wealth from the people and the Earth."  First of all, the idea that corporations or any conscious agent requires consent to do something is not the attitude of a free people.  I am not an anarchist or even that hardcore of a libertarian*.  However, I am distressed by the pervasiveness of statements like the above, or that tax cuts cost the government money.  But the occupiers claim is the worst I have heard, because the restriction they seek to place on corporations is against economic agency.  Furthermore, the idea that wealth is something that can be extracted is incredibly naive.  Better writers than me have tackled the subject, but just in case any occupiers happen across this post, wealth is not some sort of finite good.  As the wealthiest 1% gain more wealth, it does not necessarily mean there is less for the rest of us.  As Penn Jillette, Matt Ridley, and lots of other libertarians like to say "Things generally get better." (more below the fold)

Thursday, November 3, 2011

My Take on Occupy Wall Street

Noam Chomsky gave a rousing speech to the Occupiers yesterday saying:
After the first few years, by the mid-1930s, although the situation was objectively much harsher than it is today, the spirit was quite different [...] There was just a sense that somehow we're going to get out of it. It’s quite different now. Now there’s kind of a pervasive sense of hopeless [sic], or, I think, despair.
Full disclosure: Professor Chomsky is consistently called the smartest man in academia and has a lot of credentials to prove it.  I am an unemployed college graduate.  Long story short, his analysis is probably right.

However, I don't know anyone with a sense of hopelessness or despair about the current economic climate, and I am willing to bet most people don't.  I also find it strange that he thinks the protests are really indicative of those feelings to begin with.  My reading of the situation is that a lot of unemployed liberal and fine arts types have banded together with socialists and market-reformers to protest the banks' actions over the past couple of decades.  A few videos I have seen have featured protesters who say they love capitalism.  Though maybe Dr. Chomsky is right; perhaps those sentiments are widespread.  My question is: should that really affect policy?