{"id":547,"date":"2017-06-30T23:30:48","date_gmt":"2017-07-01T03:30:48","guid":{"rendered":"http:\/\/commoncents.blogwyrm.com\/?p=547"},"modified":"2023-05-06T16:58:22","modified_gmt":"2023-05-06T20:58:22","slug":"dose-of-economic-medicine","status":"publish","type":"post","link":"https:\/\/commoncents.blogwyrm.com\/?p=547","title":{"rendered":"Dose of Economic Medicine"},"content":{"rendered":"<p>There\u2019s a common theme in philosophical circles that draws analogies between society at large and the human organism.\u00a0 The body politic is likened to the human body with concepts of specialization, interdependency, and cooperation in the organic being reflected in the societal.\u00a0 Western writers such as Plato and St. Paul use these themes extensively in some of their most notable works.\u00a0 So, taking it as given that one can use terms associated with a human being when speaking about society, what can one say about the health of the American body politic?\u00a0 In short, the country is having a nervous breakdown \u2013 the head is positively suffering from a psychosis over capital and the heart seems to vacillate between euphoria and resentment over those that hold it.<\/p>\n<p>At the center of this mental and emotional anguish is the notion of the concentration of capital into the hands of the relative few.<\/p>\n<p>General unease about the wealth held by others has always been something that the American mind has worried about.\u00a0 In healthy times, this feeling is normally repressed as most people simply get on with the business of living their lives and building their own wealth.\u00a0 However, in times of stress and economic dowturn, these feelings creep from the dark corners of the mind and become a paranoia that drowns out rational thought.\u00a0 \u00a0\u00a0We are currently experiencing just such a flare-up with a severity not seen since the late-60s to the late-70s when the US last lost its collective mind.\u00a0 Not convinced? Just take a cold-eyed assessment of the aimless discontent and rampant suspicion expressed by the Occupy movement against the one-percenters.<\/p>\n<p>If obsessive paranoia of the rich marks one component of our collective malady, illogical expectations about wealth and how much of it we deserve marks the other.\u00a0 Bordering on schizophrenia, our sense of entitlement blinds us to the practical aspects of living in the real world.\u00a0 We have a bizarre love-hate relationship with business \u2013 swinging back and forth between irrational exuberance and petulant condemnation. \u00a0One moment we become weak at the knees and positively gush at the announcement of some new gadget or product line.\u00a0 The next we turn around and launch blistering social media campaign calling for a boycott against the same business for the smallest of slights.\u00a0 Most of us no longer understand how hard it is to achieve success in any venture of merit.\u00a0 We don\u2019t grow our own food, produce our own energy, build our own houses, and so on.\u00a0 We\u2019ve become conditioned, by the slickest devices of advertising, to expect our every need and whim will be addressed by the undefined machine around us.\u00a0 Most of us never bother to look deeper into how the machine works and so we end up with unfounded notions about business, unreasonable assumptions about hard work, and unsustainable expectations of our own comfort.\u00a0 How else to explain the rise in the popularity of socialism in the face of all empirical evidence?<\/p>\n<p>There is no doubt that the country would be well served by some quiet time in an asylum.<\/p>\n<p>If general dysphoria is the prognosis, what is the cure?\u00a0 By and large, the remedy consists of one part critical thinking and one part economic literacy, applied broadly to the population before the onset of any pathological conditions.\u00a0 And so, as a public service to our ailing society, I offer the following case studies about our collective feelings toward the rich and towards wealth.\u00a0 Look for the tell-tale signs of their symptoms in those around you and help those unlucky ones get the treatment they need. (<em>Note:\u00a0 all the names have been changed to protect the economy.<\/em>)<\/p>\n<h2>Case 1:\u00a0 Patient Name: Edith; \u00a0\u00a0Diagnosis:\u00a0 Hordus Maximus Jealousy<\/h2>\n<p>Edith suffered from the common delusion that the rich hoard their wealth.\u00a0 Just how much money does one person really need?\u00a0 Fortunately, Dr. Milton Friedman had just the medicine.\u00a0 He points out that concentrations of capital result in jobs for those not rich via the vehicles of investment and capital development.<\/p>\n<p><center><div style=\"width: 640px;\" class=\"wp-video\"><!--[if lt IE 9]><script>document.createElement('video');<\/script><![endif]-->\n<video class=\"wp-video-shortcode\" id=\"video-547-1\" width=\"640\" height=\"480\" preload=\"metadata\" controls=\"controls\"><source type=\"video\/webm\" src=\"https:\/\/commoncents.blogwyrm.com\/wp-content\/uploads\/2017\/06\/Hoarding-Wealth.webm?_=1\" \/><a href=\"https:\/\/commoncents.blogwyrm.com\/wp-content\/uploads\/2017\/06\/Hoarding-Wealth.webm\">https:\/\/commoncents.blogwyrm.com\/wp-content\/uploads\/2017\/06\/Hoarding-Wealth.webm<\/a><\/video><\/div><\/center><\/p>\n<p>While the records are sparse from this era (being thankfully dropped along with the choice of clothes), all available evidence indicates that there was a good chance that Edith was able to put her jealousy in check and lead a relatively normal life after the administration of the treatment.\u00a0 Unfortunately, she was already too far gone for us to hope that a new hair style and wardrobe would follow.<\/p>\n<h2>Case 2: Patient Name:\u00a0 New York Hipsters;\u00a0 Diagnosis: Widespread Ignorance Epidemic<\/h2>\n<p>Ami Horowitz performed an epidemiological survey of an economics illiteracy infection currently plaguing the New York Hipster scene.\u00a0 The illness causes unfounded feelings of god-like certainty, rampant self-righteousness, and general stupidity where taxes and fairness are concerned.\u00a0 By the time Ami had arrived at the hot zone, he found that the malady had become a full-blown epidemic of a particular strain of information-resistant fallacies.\u00a0 Note how many of the victims are so far gone that they can\u2019t even listen to reason or detect when they are being told outright lies.<\/p>\n<p><center><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/7zSaW69YFAg\" frameborder=\"0\" allowfullscreen><\/iframe><\/center><\/p>\n<p>Lost on these poor souls is any notion of numbers, the mechanism and purpose of taxes, \u2013 who should pay, who does pay, how much should be paid, etc. - \u00a0and what fair (or even free \u2013 in the case of the Norwegian woman) means.\u00a0 The idea that the concentration of capital in the hands of a relatively few number of people evokes a reflexive hostility in the moderately affluent victims examined.\u00a0 There is small hope for those infected.\u00a0 For those with little or no symptoms, the current treatment involves wide-spread inoculation with a broad spectrum of economic truths and campaign of wide-spread dissemination of facts.<\/p>\n<h2>Case 3: Patient Name:\u00a0Ryan the iPhone Occupier;\u00a0 Diagnosis:\u00a0 Terminal Self-Contradiction<\/h2>\n<p>In our final case study, we examine a truly tragic case of a man infected with terminal self-contradiction.\u00a0 This delusion, for which there is no known cure, causes the victim to be impervious to any kind of logical thinking.<\/p>\n<p><center><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/X9iO_S0-1Nw\" frameborder=\"0\" allowfullscreen><\/iframe><\/center><\/p>\n<p>At this advanced stage, the victim simultaneously employs the market-based system of capitalism on his own behalf while decrying that very system as destructive and immoral.\u00a0 He is incapable of recognizing that concentration of capital is what developed the technology required to build: 1) the iPhone, 2) the YouTube infrastructure that provided him his 5 minutes of fame, 3) the free time so that he can protest and still eat, 4) the sidewalk on which he stands, 5) free time for others to create entertainment such as the Transformers, and so on.\u00a0 The only known approach to contain this pathogen is to quarantine the victim and wait.<\/p>\n<p>As I close out the case studies, let me extend one last comment.\u00a0 I hope that this PSA will go a long way to helping you recognize these diseases when they begin to rear their ugly head and to confidently administer the only known treatment \u2013 rational thought about the economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s a common theme in philosophical circles that draws analogies between society at large and the human organism.\u00a0 The body politic is likened to the human body with concepts of... <a class=\"read-more-button\" href=\"https:\/\/commoncents.blogwyrm.com\/?p=547\">Read more &gt;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-547","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=\/wp\/v2\/posts\/547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=547"}],"version-history":[{"count":5,"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=\/wp\/v2\/posts\/547\/revisions"}],"predecessor-version":[{"id":1188,"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=\/wp\/v2\/posts\/547\/revisions\/1188"}],"wp:attachment":[{"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commoncents.blogwyrm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}