REGULATING BUSINESS = WHAT? (Part I)

Posted on August 25, 2015 by

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For part two of this two-part series, CLICK HERE

Today’s Quote

The bad economist sees only what the effect of a given policy has been or will be on one particular group. The good economist inquires also what the effect of the policy will be on all groups. -Henry Hazlitt

 

Time Check

Aug. 25, 1814 – The US Library of Congress was destroyed by British forces

Aug 25, 1916 – The National Park Service was established as part of the Department of the Interior.

Aug 25, 1939 – The movie “Wizard of Oz” opened around the United States. 

real time

Iss. 39

Aug. 25, 2015

Dear Thinkers,

Restrictions on big business are often seen to the public as a good and necessary action. The majority of people in our nation would almost unanimously agree that we need some limits to big business, and that is fine, as everyone is entitled to their opinion. But opinions based on feelings tend to be misleading, and we are easily deceived when going with “what feels right”.

Here is the fact of the matter: Limiting business with wage restrictions, taxes, government intervention, and oversight hurt our economy. That statement is based on the laws of economics—whether you agree or disagree, I will let you decide. But I remind you that ignoring the science of economics would be just as silly as concluding that you disagree with gravity simply because you felt so.

Allow me to illustrate.

You are a business owner, and you are not allowed (legally) to hire people at the wage which would allow your business to turn a profit. Instead of abandoning the business idea, you decide to outsource your business to China, where labor cost will be less. We all complain about the fact that everything we consume is made overseas, but you must remember that there was a time when the US produced everything!

Before government got in the way, we made the best cars, the best ships, the best planes—you name it. That’s what this country was built on, and we prided ourselves with supplying the world with our products. Now Europe and Asia are the leading auto producers and the rest of the world out-produces us in textiles, toys, electronic parts and much more.

But what about the middle class? We can’t allow them to get trampled by big business?!

That of course, is a valid concern. Keep in mind my friends, that throughout history there was no middle class. Big business built what we refer to as “the middle class”, there was no such thing prior to it. Now, we needn’t be silly, there will always be corrupt businesses, just as some men are crooked and some are honorable. (and you can choose to work for honest companies and consume their products, just like you can make choices to surround yourself with moral people…there may be drawbacks for making the right choice in business, just as there are in life, this is common sense) But remember: Big business creates an overwhelming amount of wealth, the very wealth that you live on today. Big business is the reason you have electricity today, the reason you have a car, the reason you have gasoline for that car, the reason for small things like taking your girlfriend/boyfriend for Icecream, and big things like having heat in the winter and air conditioning when it’s unbearably hot. For all of prior history, when it was hot out, YOU WERE HOT, it was that simple.

We take so much for granted! Big Business creates jobs—lots of them! The poor people in America are the richest people in world history.The 3 richest people of all time were not kings, pharaohs, or emperors, but men who ran business firms in america in the 1800’s, a time when government regulated very little. That’s powerful.

But Christian, come on, we need SOME regulations… I used to think that too… But I now ask, DO WE?

 

Christian Rogers

The Real Times– a degree in common sense…

 

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E-mail me any questions or comments at christianrogers@realtimesblog.com

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