Answers to World Economic Forum’s 6 Key Questions on “Globalization 4.0”

The World Economic Forum recently asked readers for their ideas on how to answer six questions they identified that they proclaim "we must address to make Globalization 4.0 work for all." Suggestions can be sent in the form of short videos under a minute. Such shortness is not my strongest trait, but I wanted to … Continue reading Answers to World Economic Forum’s 6 Key Questions on “Globalization 4.0”

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Mises’ Economic Calculation Problem: An Answer to “Is it possible to have an economic system with no money?”

This answer was originally posted on Quora in September. Short answer: No Long answer: This proposition was disproved theoretically by Ludwig von Mises in the first half of the twentieth century. He is known for having elaborated the “economic calculation problem”, first in his 1920 article “Economic Calculation in the Socialist Commonwealth” and expanded upon … Continue reading Mises’ Economic Calculation Problem: An Answer to “Is it possible to have an economic system with no money?”

Quora: “What are the benefits and drawbacks of a global currency?”

My answer: A common currency even just for a continent like Europe has a lot of downsides and few benefits. In theory, a common currency will increase trade between countries as it’s easier for individuals to do so without having to worry about exchange rates and changing money every time one travels abroad. Still, with … Continue reading Quora: “What are the benefits and drawbacks of a global currency?”

Debating a Malthusian About the Relationship Between Market Freedom and the Environment

The following is the debate that resulted from my answer to the Quora question "Do you think capitalism and socialism need each other to make a sustainable and successful government?" My answer: To make this perfectly clear: The more capitalistic an economy is, the more sustainable and successful it will become. The more socialist the … Continue reading Debating a Malthusian About the Relationship Between Market Freedom and the Environment

Quora: “Does capitalism encourage people to act in unethical ways to compete with other people?”

My answer: No. It encourages people to engage in voluntary activity. In a competitive market under Capitalism, there’s incentive for workers to offer good customer service to their customers as they want those customers to come back and not go over to their competitors. Capitalism encourages people to innovate, to become entrepreneurs, and in that … Continue reading Quora: “Does capitalism encourage people to act in unethical ways to compete with other people?”

Quora: “Why isn’t it simply ‘right’ to tax the rich (especially those who inherited their wealth) to support the poor and middle class?”

My answer: To answer I'll put your question in another perspective. Say you have $20 and I have $10. Why isn't it simply “right” for me to steal $5 from you, so we're even? Your question ignores the fluctuations in the economy. Classes aren't fixed, at least not in a Capitalist system. The “1%” or … Continue reading Quora: “Why isn’t it simply ‘right’ to tax the rich (especially those who inherited their wealth) to support the poor and middle class?”