Discerning the obvious: “Desert Island Economics”

Taking Sides

Source: Existential Comics

Ayn Rand and Murray Rothbard are free market, capitalist libertarians. They essential believed that we would be the most “free” if nothing interferes with property relations, free enterprise, and the ability to make voluntary agreements. They don’t believe the government or public should be able to take property from the wealthy elite and redistribute it, because they got that property through voluntary transactions.

Communists like Karl Marx or Rosa Luxemburg, on the other hand, wished to abolish private property altogether. Private property, as distinct from personal property, is the machines, land, and tools used to produce modern life. Personal property are items used for personal use. So private property is something like a factory, and personal property is something like a toothbrush. Marxists believe that owning the means of productions (private property) was illegitimate, and used to extract surplus labor value from the workers.

So in…

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This entry was posted in applied price theory on by .

About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at https://utopiayouarestandinginit.wordpress.com/2014/03/12/why-call-my-blog-utopia-you-are-standing-in-it/

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