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Equality of Opportunity October 17, 2011

Posted by Fritz in Yachts and other things that float.
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Monty writes his DOOM posts every Monday morning at Ace of Spades. Here is the best explanation/reasoning for capitalism.

“This obsession about “equality” in an economic sense is wasted mental effort. Equality of opportunity is all around us; equality of outcome is impossible, given the vagaries of fate and the innate differences between human beings of different skills and abilities. If everyone had equal skills and equal opportunity, then no economy would be necessary because we could all just make our own stuff. Bubbles, booms, busts, crises, panics, and downturns are a fact of life on this planet; no economic system will ever get rid of them. The “anglo-saxon” model of market capitalism has proven to be the most successful economic system ever invented. That doesn’t mean it’s without fault — it just means it’s better than anything else we know of.”

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