Policy Documents

Why Capitalism Is Awesome

Chris Berg –
July 30, 2013

In this Policy Report, the case is made for free markets and the innovation markets provide to consumers.  Chris Berg asserts that, 

...the true genius of the market economy isn’t that it produces prominent, highly publicized goods to inspire retail queues, or the medical breakthroughs that make the nightly news. No, the genius of capitalism is found in the tiny things — the things that nobody notices.

A market economy is characterized by an infinite succession of imperceptible, iterative changes and adjustments. Free market economists have long talked about the unplanned and uncoordinated nature of capitalist innovation. They’ve neglected to emphasize just how invisible it is. One exception is the great Adam Smith.