John C. Goodman
Posted: Feb 15, 2020
Since a leading contender for the Democratic presidential nomination has endorsed it, since most of his opponents have refused to denounce it, and since a majority of young people appear to approve of it, now is a good time to ask: what exactly is socialism?
In
a free market, you can buy just about any product you can afford so
long as you are willing to pay the market price. Since market prices
tend to reflect the social cost of production, in order to consume a
good, you must pay what it costs society to produce it. On the supply
side, people often have many employment opportunities. But wherever you
work, the wage you receive will tends to reflect the social value of
your contribution to the economy’s output of goods and services.
Under socialism, government rather than the market sets prices and wages. What difference does that make?..........To Read More....
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