Yeah, some folks here just don't get it.

if demand is driving everything, why is there so much disparity throughout the world regarding the standard of living? Wouldn't you think that people in Liberia want the best food, clean water, nice cars, nice homes, etc, just like Americans?

So, America has a much higher standard of living than most countries simply because Americans have perfected the art of demanding?

Ideas and innovation, the right framework for developing those ideas and innovations, and the freedom to develop them is a huge part of the equation.

Did the Russian people simply not demand a better standard of living 50 years ago, are were they trapped under a failed system?

Please tell me again how everything revolves around demand.

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Posted by Taxing Authority

Houston

Member since Feb 2010

57393 posts

Posted on 10/31/14 at 2:59 pm to KCT

quote:
if demand is driving everything, why is there so much disparity throughout the world regarding the standard of living? Wouldn't you think that people in Liberia want the best food, clean water, nice cars, nice homes, etc, just like Americans?

Clearly they should. In reality,it's free capital drives an economy, and "demand".

The presumption seems to be more wealth = more 'demand'. But that isn't really true.

Returning to the broken window fallacy.... As pointed out there is no "demand" for broken windows.

Even if a person has $1,000,000, they probably aren't going to replace their unbroken windows. And breaking them doesn't increase demand. Our hypothetical homeowner isn't going to buy 2 windows to replace one broken window.

This post was edited on 10/31/14 at 3:00 pm

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