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The whole point of modern economic theory is that it is GOOD due to the circular nature. Higher prices higher wages higher profit motive higher standard of living. It's a beneficial cycle.
Not really. There's not a finite supply of money. Profits that are driven by efficiency improvements do actually come from "nowhere".
That's fair, and it's the job of regulation and government policy to harness the short term greed into long term societal objectives. We haven't been doing a great job of that. Short term greed by itself does do a lot of good, but it also drives harm in some areas (eg the environment) and ignores other areas (eg finding a cure for a rare disease). Ideally, the government should have a hand tweaking incentives in some areas (eg carbon tax) and taking direct action in others (eg funding medical research).
True, but policymakers have other levers they can pull which help the working class, to offset the above. Note I said "can pull" not necessarily "do pull" - Republicans are absolutely opposed to doing this.
Again, we absolutely have these mechanisms, but Republicans block them. The Fed is not beholden to Republicans (or Democrats) so they can unilaterally raise interest rates. But the tools to offset the harm done to working class people are subject to every roadblock Republicans can throw in the way of them.
You're conflating "a moderate level of inflation" (2%) with "way too much inflation" (20%). No one is saying that 20% inflation is a good thing. If repair costs jump up 2%, that's fine.
I'll file them away with farriers and thatchers. Technological improvement is an objectively good thing.
And again, we could have better skills retraining programs, but...Republicans.
Neither of those are planned economies. They're government taking a direct role in some areas, which is good and wholly supported by the capitalist model. Some things are best served by monopoly or direct government oversight. The majority are not.
I wholeheartedly agree, and that's very different than a planned economy.
100% agree with all of this.
I guess I was really mistaken, and I'm sorry for calling your points BS. What I'm use to is the notion of a radical "free market" concept where there is little to no government oversight or regulation, and pushing back against that concept. When you get into planned economies, I think it looks like we have a lot more common ground than I thought. Some people draw the line in the sand of a "planned economy" as being any regulation, or any government oversight.
I would argue that still, some planned economy situations are warranted and effective if there's a specific outcome desired, ie wartime. I've discussed this in university where the notions you and I agree on are encroaching into planned economy territory since there are things we allow and disallow. You're saying you actually agree with those controls and regulations, making the discussion moot.
I still view our economy as healthy for some, unhealthy for most given the lack of protections you just agreed with me on......so.......
Please accept my apologies for being salty, it turns out we agree, it's just the way it came across to say the economy's great when many feel it isn't due to their outlook being worse in the present environment.
No worries, I had a similar misunderstanding. When you said "planned economy" I assumed you were a Soviet stan advocating for a "command economy" a la the teenager's ideal of "if I was in charge...". I didn't think you meant injecting government planning into some aspects of a well-regulated capitalist/socialist framework.
Sounds like we're mostly on the same page!