Tag: consumer surplus

Posted on by Tim Worstall

Is Ezra Klein Insane? Facebook Is A Problem Of Capitalism Apparently

There are silly ideas, left wing ideas and then some so insane that only the truly gaga can possibly believe. Like this one from Ezra Klein – Facebook is a problem of capitalism. Or perhaps of free market competition – Ezra does the usual trick of confusing the two. Proof that we should never be taking Klein’s suggestions for how to run the world seriously.

Facebook is a capitalism problem, not a Mark Zuckerberg problem

Given that Ezra edits the place yes, he is responsible for that headline.…

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Posted on by Tim Worstall

Facebook Adds $2 Trillion A Year To The Global Economy – Zuckerberg’s Not Rich Enough

A great question of our times is, well, where’s all this economic growth then? We’ve a technological revolution going on but wages and GDP don’t seem to be rising. Is this capitalism in its death throes as the rich b’stards gain everything?

Well, no. Wages are really a measure of what you can consume and if consumption is going up then so are real wages. And we’re not actually interested in GDP, what we want to know is what value can people consume?…

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