warrenm2

There has been a lot of nonsense spouted lately about economics and free markets, so I'd thought I'd redress the balance somewhat by showing the benefits of free markets and the profit motive - technological progress that makes all our lives better and richer.

Due to "greedy" inventors, it is now possible to extract huge amounts of natural gas from previously un-usuable resources, so much so that "exploitable reserves are much greater than supposed just three years ago and may meet global gas needs for generations." in one case.

This is a huge shift in geo-politics, brought about by rewarding innovators who can do things quicker, cheaper, faster and better than people did before. The whole of society benefits, end users (get cheaper and reliable fuel supplies), the inventor (gets rich licencing the fruits of his labours), the Gvmt (gets tax on a new revenue stream), the producers (they get paid to get it out of the ground), and it frees up people to create, invent and advance the body of human knowledge in other ways.

Its win-win, all due to a profit motive. Viva free markets!

Energy crisis is postponed as new gas rescues the world - Telegraph

Gordo

Well said that man - it's a strange and very sad society we live in right now that wants to apply punitive taxes to entrepreneurs and risk takers. The socialists and wealth redistributors love the gadgets and benefits of modern society, but begrudge the people that make it possible for them. Time for brave politics and a fiercely right wing government - shame we'll get the middle ground pandering to the sheep in society instead, making everyone worse off.

G

vindaloo

This is the sort of thing the average bloke can understand. Money in pays for some R&D which means a product or process is created. In turn, that allows you to "do stuff", including producing or extracting things, employing more people, making more money.

J.

what would scooby do

Will it create low bandwidth high def **** ?

Didn't think so - useless IMHO

warrenm2

No, but it'll keep the pc and monitor running though so, yes, your w*****g needs will be met!

TelBoy

Many people hate it when others prosper. Fact of life.

hodgy0_2

I have a son called Prosper

Do you believe in the concept of relative poverty -- or just absolute poverty

TelBoy

You've gone too abstract again. In what context?

hodgy0_2

in the contect of modern day Briton ---- would it be your view that if someone owns a mobile phone/TV etc they cannot be poor (in absolute terms at least) -- but maybe in they could in relative terms - to the rest of the UK.

to help the official definition of poverty in the UK is (and it is a relative measure)

any family living on less than 60 per cent of the median income, which is measured by halving the difference between the highest and lowest incomes.

TelBoy

Yeah, i'd concur with that.

speedking

I thought that the median was the middle value of a range when arranged in order. That's completely different to the hlf the difference of the highest and lowest incomes, say £10m / year and £0, so poverty = <£3m / year

hodgy0_2

not sure tbh

below is my source

How would you define poverty? - Telegraph

either way you either believe in relative poverty or absolute poverty -- it defines you outlook on all sort of things

so a debate on whether we, in the UK have 10,20,30 or 40% of people living below the "poverty" line is a non starter if, by your definition of absolute poverty, the bar is low enough i.e. access to clean water or a TV

the argument is not one of where is the line to be drawn it becomes whether there is a line at all

warrenm2

dude this is a thread hijack - could you keep it on topic or start your own thread? Cheers

speedking

I agree in principle with the free market philosophy.

However, there has to be a level of regulation. For example you wouldn't like the gas company to start drilling in next door's garden with their permission but without you receiving appropriate compensation.

That then leads to state intervention, meaning that most free markets aren't actually entirely free.

There can be a degree of innovation in state enterprises, its just that the incentives aren't there to encourage it.