I was a big fan of (and occasionalguest on) John Stossel’s TV show, and I’m now a big fan of his videos (see here, here, here, here, here, here, and here).
So it was an honor to appear in his latest video about “Capitalism Myths.”
It’s a two-part series. In this first video, we discussed three myths about free enterprise.
Myth #1 – Capitalists get rich by ‘taking’ money from others.
Since voluntary exchange, by definition, is mutually beneficial, this is a truly absurd argument. Indeed, only the most vapid politicians and pundits suggest otherwise.
The most definitive research in this area came from Professor William Nordhaus of Yale, who estimated that, “innovators are able to capture about 2.2 percent of the total social surplus from innovation.”
Translated from economic jargon, that means the rest of society gets nearly 98 percent…
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Utopia, you are standing in it! 
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