“Logic of Capitalism” – not

In today’s New York Times business section, they have some photos of Occupy Wall Street protesters. Several are carrying signs. One sign held by an older woman identified by name as an educator from Vermont says this:

Logic of Capitalism
You cannot be rich without making others poor

I think this captures a major difference between Democrats and Republicans.

Dems see the economy as a zero sum game where wealth is limited and one can only get more by causing another to get less. GOP subscribes to the ‘rising tide lifts all boats’ idea. This idea is often ridiculed by the left, but it is clearly the more operative reality.

The economy is not a zero sum game and, in the general case, rich people aren’t getting rich by causing others to be poor. For example, who got poorer as Steve Jobs got richer? Answer: nobody. To the contrary, we all became better off.  How about Bill Gates? Nope, his innovations created jobs for millions. Same for the Google founders.  Same for any wealthy business innovator / creator.

Her argument might apply to certain types of wealthy folks – notably monarchs and dictators who pillage their countries – but these are not the types of people she’s referring to (I don’t think) and, debatably, they aren’t even capitalists.

I would provide a link to the photo cause it is great, but I cannot find in in the online edition.

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