On Individual, Corporate, and Social Buying

Apparently, a lot of young people believe not only in something nonsensical but also specifically in socialism. I recently heard an example of a young woman talking about how all the necessities of life both "should be free" and "should be paid for by the government." Obviously, if they're paid for, they're not free, but she means that they're free for her and paid for by everyone, thus partly her, through the intermediary of the State. This is a terrible idea. To better understand why, it's best to understand a basic fact of economic decision-making, which are the differences between first-, second-, and third-person purchasing decisions and why government purchasing, which is always third-person, is always least likely to do well by the cost/quality tradeoff. Join host James Lindsay in this episode of New Discourses Bullets as he breaks it down.
Source: New Discourses

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