After any news appearance, I torment myself by watching the clip and telling myself I should have said something differently or raised a different point.
But I’m actually happy with this appearance on Fox Business News because I (hopefully) explained the difference between wealth that is honestly accumulated and loot that is obtained through government coercion.
I also am pleased when I get to use the line about “capitalism without bankruptcy is like religion without hell.” One of the reasons I loathe bailouts is that such corrupt practices discredit capitalism.
If the Occupy Wall Street folks actually understood the difference between capitalism and cronyism, there’s a chance they might join the right side.
[…] That’s not a free market. After all, capitalism without bankruptcy is like religion without hell. […]
[…] That’s not a free market. After all, capitalism without bankruptcy is like religion without hell. […]
[…] What really matters, though, it that the poorly run institutions get shut down. The senior executives lose their jobs, and shareholders and bondholders are subject to losses. Which is exactly what should happen. After all, capitalism without bankruptcy is like religion without hell. […]
[…] I’ve explained with a pizza analogy that this is horribly misguided because it falsely assumes the economy is a fixed pie. […]
[…] And bankruptcy needs to be part of that discipline. After all, capitalism without bankruptcy is like religion without hell. […]
[…] Well, my view is that capitalism without bankruptcy is like religion without hell. […]
[…] Well, my view is that capitalism without bankruptcy is like religion without hell. […]
[…] encourage very bad behavior – There’s a saying that capitalism without bankruptcy is like religion without hell, which is simply a clever way of pointing out that you need both profit and loss in order for […]
[…] want us to believe the economy is a fixed pie and that all of us somehow get less if some entrepreneur becomes […]
[…] Me gusta esta analogía y no sólo porque yo también he utilizado la analogía de pizza para defender el mismo argumento en esta entrevista de televisión. […]
[…] I like this analogy, and not just because I also used the pizza analogy to make the same argument in this TV interview. […]
[…] I like this analogy, and not just because I also used the pizza analogy to make the same argument in this TV interview. […]
[…] of their work. If they make bad decisions they should suffer the consequences. As libertarian Dan Mitchell once said, “Capitalism without bankruptcy is like religion without hell.” Attempting to escape […]
[…] Private firms that make errors are quickly penalized. They lose customers, which means they lose profits. Or perhaps they even fail and go out of business (remember, capitalism without bankruptcy is like religion without hell). […]
[…] P.P.S. Just in case you’re new to this blog and don’t know my history, rest assured that I’m also against Wall Street bailouts. […]
[…] there is nothing quite like the possibility of failure and losses to encourage prudent behavior. As I stated in this interview, capitalism without bankruptcy is like religion without […]
[…] P.P.S. Just in case you’re new to this blog and don’t know my history, rest assured that I’m also against Wall Street bailouts. […]
[…] P.P.S. Just in case you’re new to this blog and don’t know my history, rest assured that I’m also against Wall Street bailouts. […]
[…] address both of these points in this interview, pointing out that true capitalism generates an expanding economy so that the rich and poor both […]
[…] address both of these points in this interview, pointing out that true capitalism generates an expanding economy so that the rich and poor both […]
[…] a clever saying fans of (real) capitalism love repeating: “Capitalism without bankruptcy is like religion without hell.” In this case, the UAW is being taught the lesson that no matter how badly you behave, you’re […]
[…] Vale a pena ler o artigo de Dan Mitchell. I don’t want to burst anyone’s bubble or shatter any childhood illusions, but losses are an inherent part of the free market movement. As the saying goes, “capitalism without bankruptcy is like religion without hell.” […]
[…] I don’t want to burst anyone’s bubble or shatter any childhood illusions, but losses are an inherent part of the free market movement. As the saying goes, “capitalism without bankruptcy is like religion without hell.” […]
[…] illusions, but losses are an inherent part of the free market movement. As the saying goes, “capitalism without bankruptcy is like religion without hell.” Unlike today’s chattering class, King Canute understood limits to […]
[…] I’ve explained with a pizza analogy that this is horribly misguided because it falsely assumes the economy is a fixed pie. […]
[…] I’ve explained with a pizza analogy that this is horribly misguided because it falsely assumes the economy is a fixed pie. […]
[…] capitalism without bankruptcy is like religion without hell. Rate this: Share this:PrintEmailFacebookTwitterMoredeliciousDiggFarkLinkedInRedditStumbleUponLike […]
[…] I’ve explained with a pizza analogy that this is horribly misguided because it falsely assumes the economy is a fixed pie. […]
[…] why I explained, in this interview, that it is important for defenders of capitalism to draw a bright-line distinction between earning […]
[…] A vibrant and dynamic economy requires the possibility of big profits, but also the discipline of failure. Indeed, capitalism without bankruptcy is like religion without hell. […]
[…] means another person’s failure. We need to figure out ways of educating them about growth, as I try to do in this interview. GA_googleAddAttr("AdOpt", "1"); GA_googleAddAttr("Origin", "other"); […]
I use the pizza metaphor all the time. People seem to get it when I say: “it’s not that some group is getting an unfair slice of the pizza, it’s that the the oven is broken”
Crony Capitalism seems to originate with the very people who wind up complaining about it.
1. The anti-capitalists and nanny-staters want a regulation.
2. Government wont say no to them like they damn well should.
3. Business people turn their creativity toward circumventing the imposed burden, and get into bed with government.
4. Government wont say no to them either like they damn well should.
5. Everyone wakes up in the morning wanting to chew their own arm off.
If they didn’t demand BS regulations in the first place, the playing field would be level.
People from 3 trying to do 1 wouldn’t get away with it either if the buck stopped at 2.
Great analogy! Nice work, Dan.
Mr. Mitchell that was a very good performance. I’m baffled by my government, they are proposing things that have been proven wrong. Why?