Social

Rumor: Economics professor uses grading of exams to teach about socialism.

http://www.snopes.com/college/exam/socialism.asp#!

 FCA Commentary:

“This is an oversimplified version of how socialism works. To date, there has never been a successful socialist or democratic socialist economy. There have been many, long lasting capitalist societies, though none are perfect.

 Creating a new Utopia sounds great in a campaign, but successful societies have always had different classes of people. The success of that society is determined by the individual’s ability to move up through those classes during a single lifetime. “

 -Kevin Nentwich

For much more detailed explanation of socialism versus moderately regulated capitalism, I recommend the following texts:

  • The Fatal Conceit, F.A. Hayak

  • Capitalism and Freedom, Milton Freedman

  • Basic Economics, Thomas Sowell

*These books were written long before the current election and have nothing to do with any current candidate.