Name: Debunking Second Thought: Why Capitalism is Efficient
Uploaded: 2021-07-19T00:54:44+00:00
Duration: 37 min 4 s
Description: Debunking Second Thought yet again, this time on why capitalism is efficient. Second Thought, as I have pointed out numerous times, fails to comprehend what a capitalist system is. It is disingenuous

2 years ago

Debunking Second Thought yet again, this time on why capitalism is efficient. Second Thought, as I have pointed out numerous times, fails to comprehend what a capitalist system is. It is disingenuous to pass off a mixed economy as being a capitalist system.

In this particular video, Second Thought illustrates his ignorance not only on profits and losses and on the argument of efficiency, he uses the usual claims against capitalism without anything to back up such baseless claims, such as about exploitation, etc, but again, he also illustrates his ignorance claiming that since companies today are destroying products that could go to people charitably, he is completely oblivious as for the reasons for why this is.

This is why you end up with so many anti-capitalists because it's easy to throw around baseless claims without understanding the actual cause of problems. Yet again, as per usual, they create problems through all of the government intervention in the economy and then they point the blame at capitalism.

Second Thought did exactly this in his argument on monopolies, claiming that capitalism caused the boom and bust cycle, but admits they were fixing interest rates below market value. This shows how dishonest he is. Even his argument on the Texas blackout problem falls apart, and you can watch my video I did on this argument that refutes him, below.

You can also check out my argument on the Economic Calculation Problem that helps illustrate why it is impossible to achieve economic efficiency in the absence of profits and losses, which I will provide several sources below. The main point, however, is that what Second Thought proposes is destined for extreme levels of economic inefficiency as he clearly doesn't understand the first thing about prices and how important prices play in the operation of your economy.

I've explained before on government subsidies and how destructive they are to the economy, why it encourages waste, again, that is something else I will source. All in all, his explanation of capitalism is deeply flawed and even attempts differentiating capitalism from the market, which is irrational.

(0:00) - Introduction
(0:11) - Not Capitalism
(1:32) - Subsidies
(2:01) - Defining Efficiency
(2:31) - Profits and Losses Explained
(5:10) - Capitalism Defined
(12:06) - Projectionism
(12:26) - Exploitation Claim
(14:04) - Freedom to Choose
(15:31) - Ownership of Goods
(17:31) - Wealth Concentration
(18:42) - Who Dictates Production
(20:07) - Who Determines Price
(21:16) - Refuting His "Waste" Argument
(26:04) - Restricting Productivity
(27:20) - Role of Profits
(28:05) - Corporatist Nations
(28:23) - Contradiction (ECP Explained)
(29:57) - Texas Blackouts
(31:22) - Building Collapse
(31:51) - Another Contradiction
(32:37) - "Human Factor"
(33:14) - Absence of Capitalism
(34:36) - Climate Change Nonsense