The Biz Bucks Blog provides former Biz Bucks students and other busy professionals with a summary and commentary of seminal articles from the opinion pages of the Wall Street Journal. You can be notified of a new posting by subscribing to the blog (enter email in box on right) or by following on Twitter: @BizBucksGuy.


Time To Get a Brain, Young People November 17, 2014 10:00 AM

WSJ 11/3/2014 Page A13: “The Ultimate Global Antipoverty Program” by Douglas A. Irwin

Irwin, an econ prof at Dartmouth, writes about the world wide reduction of poverty for the past quarter century.  The world population living in poverty has fallen from 36% in 1990 to 15% in 2011. This is the greatest reduction in poverty in the history of the world. Why has this great blessing occurred?  Simple. The spread of capitalism world-wide.

Mostly because of reforms in India and China, but also the beginning of reforms in Africa, markets have developed that allow people to make their way out of the economic wasteland. Such capitalistic reforms have overcome centuries of ineffective government interventions, from well-meaning socialist programs to outright corrupt practices.

Nonetheless, a 2011 Pew Research survey of millennials (18-29) showed more young Americans view socialism in a positive light and capitalism in a negative light. To the contrary, the survey shows only 13% of those over 65 think favorably of socialism.

This give support to an old maxim, “If you are 20 and not a liberal, you have no heart. If you are 50 and not a conservative, you have no brain.”

The Biz Bucks Guy believes that capitalism is the worst economic system ever invented, except for all the rest. No economic system yet devised has done more to raise the well-being of the common person than capitalism.

[Although opinion is included, The Biz Bucks Blog is primarily written to former students of Biz Bucks training courses to encourage their daily reading of the three opinion pages of the WSJ. This refreshes principles of Biz Bucks courses and improves business acumen on topics not discussed in Biz Bucks training.]


Posted By The Biz Bucks Guy
Posted in Capitalism | 0 Replies

Subscribe to Our Blog

To receive email updates when a new post is made, please enter your email address in the box below and click Subscribe.


Keywords

Use these key words to search past blogs:


Archive:


Category:


1994 97% Alesina Recession Alinsky Allesina austerity Baloney BAT Binz bird kills Bogle Border Adjustment Tax Brulle Bryce capitalism carbon Carbon Dioxide CBO CFTC chains China Churchill Climate Climate Change Clinton Comparative Advantage Crichton Cronyism Cummins Curry Darwin Death panel demographics population economics Denier derivatives Dodd-Frank Drug dynamic Dynamic Scoring education electric car Energy Energy Policy Enron Debt Entitlements Eugenics Fat Fry Flat Earthers fracking free markets free trade Free Trade E-Verify Free Trade Zoellick Freedom Heritage Foundation Friedman gas lines Gas Prices glaciers Global Warming Global Warming Sustainability global warming subsidies IMF Globalization Trade God Google Gore Gramm Green Blob Grifo Groupthink Growth Hannity Hayek Hostess Hybrid Immigration Imports index funds Indexing Intellectual Denial investing investment IPCC JFK Joint Tax Kennedy Kerry Keynes Keynesian Keynesian Tax Cuts King Barak Bird Kills Koch Koonin Laffer Lamar Smith Lomborg macroeconomics macroeconomics;static; dynamic MACT Makiel markets Marxist medical care minimum wage Mitchell Model T Moore Morgenthau Navarro Neumark NOAA NY Times Obamacare ObamaCare Rove Health Insurance O'Reilly participation rate Patrick Moore peer review Peer Review EPA Piketty Pipelines plywood Presidential authority Price Controls Pruitt Racial divide Rare Earth Reagan Recession REE Renewable Portfolio Standards Renewables Ricardo Ridley robotics RPS Ryan Schlaff Science science integrity scoring Settled Science Shaffer shortages socialism socialized medicine Solar Panels Solvaldi Sovaldi static steel STEM Stephens Steyer stimulus subsidy sugar Supreme Creator tax policy Taylor territorial taxes corporate taxes Tesla Trade train wreck Trump unemployment wages Wind wind power women Zuckerman