The following two PragerU videos made me realize that I have to expand on the points I made about the stupidity of socialists when it comes to money.
The first of the videos, What Creates Wealth, makes the simple point that knowledge is the main source of our wealth; the second, Why Private Investment Works & Govt. Investment Doesn’t, explains what it says in its title. While knowledge is undoubtedly the most important element and while incentives make a lot of difference, what I consider to be the most basic, the most generic function of money seems to be missing from any discussion of the subject I can find. Continue reading →