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Tag Archives: Capitalism

12 Nov

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The Book on Being Rich or Poor
27 Feb

To become rich, one does not need to be smart, or tough, or caring. One needn’t be honest, principled, or spiritual. Being cultured, humble, or impatient are not requirements either. You can be all of these things, none of these things or some of these things, and become rich. Becoming rich doesn’t even require having a good idea; as one can be born into money, born with fine athleticism, or be taken by the hand of an a rich person…..

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Universal Basic Income (UBI)
16 Jan

The problems of unemployment and poverty have been around, to some degree, since the dawn of civilization. They seem to be intractable. Thankfully, efforts to solve them continue and recently, an idea has been gaining support that is intended to combat these very real economic concerns. This idea is called universal basic income, or sometimes simply basic income. It involves every individual of a nation receiving a sum of money that would suffice to fund their fundamental needs each and…..

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01 Nov

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What the Heck is an “Unfettered No?”
20 Oct

In my book the “unfettered no” is the holy grail, the yardstick for measuring whether we have achieved a truly free market. Hardly a day goes by that we don’t hear about or utter to ourselves the words “fair opportunity”—as in everyone deserves a fair shot at realizing the American dream. But fundamentally, for there to be economic freedom for all, one must always have a choice, in every transaction, including to participate or not in the competitive market at all……

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September 2015 Interview
20 Sep

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In the lazy hours before Sunday dinner…
06 Sep

I have no idea of what I’m going to eat tonight. I’ll probably go along with the type of food that the rest of my family wants. It’s easy, politically, emotionally, logistically, to go along with the crowd.

On Wall Street we counsel our clients to take the emotion out of investing.  There, sometimes what’s best isn’t easy. There, I’m wired to be logical, rational. For this reason—and as a dyed-in-the-wool, free-market-loving capitalist—I can’t figure out why we accept the reality…..

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Taxing Land is a Good Idea
20 Aug

There is an economically neutral tax. There is a tax that doesn’t have the effect of making you poorer than you should be or richer than you should be; but only one. My previous blog entry discussed one way in which taxing capital distorts the degree of our being poor or rich. It’s why taxing capital is a big mistake. However, the one tax that is economically neutral is a tax on the value of land. It is not a…..

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Taxing Capital is a Big Mistake
31 Jul


Capital is what results from work: anything we have invented, moved, or built that finds a value in the marketplace. It is this search for value that drives free markets. Trading one’s capital for better value is what leads to profits. Or if one is the end user, the goal is trading for some satisfaction in having used one’s money well. Market efficiency depends upon this sorting through the relative values of whatever we have offered.

So if an…..

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17 Jul

Is Capitalism Working?

Wall Street financial advisor explores solutions to U.S.’s economic problems.

NEW YORK (PRWEB) July 17, 2015

With the most recent Supreme Court ruling upholding Obamacare, the capitalist ideal of a free market is coming into question. But is the free market really a lost cause?

Wall Street financial advisor and author Steve Taft explains that this concern stems from our misunderstanding of the very nature of capitalism.

By clinging to long held assumptions, America has built capitalism into…..

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