Occupy Wall Street

The Occupy Wall Street movement is a sad statement about the state of economics education in our country. The most common message from OWS is against greed, so lets address that fallacy here:

All voluntary transactions increase the wealth of both parties. If someone gets rich from voluntary transactions they had to deliver at least as much value to others as they received. The most generous thing anyone has ever done for us is get rich by selling us what we want for the best deal we could find – aka voluntary transactions.

Forced transactions do not have this advantage. In fact, they do the opposite, destroy wealth of the parties forced to participate.  (That’s why parties have to be coerced to do them.)

I love seeing people energized to improve things in society. Its just a shame that ignorance of economics causes their energy to be misplaced. If they knew what causes the problems they hate, they’d become enthusiastic volunteers for Ron Paul’s campaign.

Maybe libertarian groups should pass out some economics books and/or offer free lectures near these protests.

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