School Responsibilities

guidomerkinsrules said

but what i would suggest is that 'capitalism' also gets semantical in this - one definition would support the notion of an overall benefit bc it maximizes development another would support notion of overall detriment bc it maximizes poverty/lack
- degree of regulation would need to be a necessary consideration
so which part of capitalism is being incentivized - maximizing wealth or minimizing loss?

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Not sure I agree with the bolded part, at least relative to lack of physical want when comparing against any competing economic system, after multiple generations on.

Now, I am certainly open to an argument that one should use a different definition of "detriment" that is much, much broader than mere physical manifestations of poverty.

And, certainly, true free markets absent any command regulation are really bad; we're seeing that now, just as Roosevelt-Taft-Wilson faced. Although I suspect even that is perhaps still better than the alternatives...but only because of the producers' selfish need to create enough wealth in consumers to continue to generate profit. But I am far from an economist so I wouldn't even attempt to argue that point.