A debate on capitalism with a leftist who heard me on The David Pakman Show (the largest show I’ve ever been on, with nearly two million subscribers on YouTube).
0:00 Intro, background, and Steve’s opening thoughts
12:50 Charity/philanthropy under capitalism; absolute vs. relative poverty; responsibility
26:54 Minimum wage and poverty
29:29 Government programs (e.g., Hoover Dam and highways) and the broken window fallacy
35:52 Life-saving drugs and “price gouging,” innovation and intellectual property
46:49 Equality and the profit motive
Steve’s series of objections to capitalism
58:15 Externalities
1:01:37 Perverse incentives, e.g., private prisons
1:03:25 Free markets and laws; bribery
1:04:43 “Meritocracy,” inherited wealth
1:08:18 “Winners and losers”
Dan’s replies to objections
1:12:26 Externalities
1:15:55 Perverse incentives, e.g., private prisons
1:18:04 Free markets and laws; bribery
1:20:40 “Meritocracy,” inherited wealth
1:25:32 Arbitrary vs. principled approaches
1:27:05 (Ir)rationality
1:29:53 Arbitrariness, bribery, and incentives (Steve)
1:36:43 Arbitrariness, bribery, and incentives (Dan)
1:41:11 Eminent domain, property rights, and original acquisition of property
1:47:21 Discrimination and free market forces; redlining
1:58:41 Walmart and the broken window fallacy
2:06:09 Courts, bribery, and revolution
2:14:14 “Golden Walmart,” inherited wealth, force vs. reason
2:21:19 Immigration, mixed economy (in)stability, firecracker example (Steve)
2:23:57 Immigration, mixed economy (in)stability, firecracker example (mostly Dan)
2:34:42 Why not have the government protect people from all “harm”? Wheelchair ramps.
2:40:04 Firecracker example (continued), evolving law, and contracts
2:43:22 Outro
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