Source: Adam Smith Institute
by Tim Worstall
“The latest critique of capitalism from Jason Hickel and Yanis Varoufakis …. ‘Capitalists are the ones who determine what to produce, how to use our labour and who gets to benefit. The rest of us – the people who are actually doing the production – do not get a say.’ This is simply factually wrong because markets. Capitalists might try to direct our labour into the production of things that we out here, we consumers, might not want. The Ford Edsel, say. But when we don’t want it then the capitalists stop so directing our labour into the production of what we do not want. For if they don’t they then go bust — as the death of four out of five new attempts at capitalism show. … This is not a complicated logical proposition but it’s one that seems to entirely escape two university professors here.” (02/14/26)
https://www.adamsmith.org/blog/apparently-you-should-not-want-what-you-do-want