I found this blog by some guy that I have never heard of, Graeme Maxton, telling everyone that we are at the end of progress. He says that we no longer follow ‘modern economics’ and how we more or less doomed for failure without some massive revisions. He very obviously bases everything he knows on what Adam Smith had to say are he talks about him frequently, and how he would be disappointed by today. Throughout reading this, all I could think was ‘You’re missing the point’. He even bolds his text when he states “But Smith was also a moral man.” But as we have discovered, moral is not a part of progress.
One of the most impressive things that this Graeme Maxton said (based on Smith’s beliefs) was that profits should not be too high, and the rich should be taxed more than the poor. However, profits should not be too high is the equivalent of saying, you’re doing too well, so we’re going to take some away. This is just bad economic policy. As a waitress I expect to walk out with my tips every night no matter what they are, however if management said, if you make over $100 then you are doing too well and so we will take everything over $100, I would be furious. I would then either quit or I would stop working once I reached $100. This is the same for the idea that the rich should be taxed more than the poor, at some point in time it is no longer worth it to continue working and make more money because you have to pay too much in taxes.
So with an Austrian roar, I say do away with these ideas. These ideas do not make sense. Allow companies to profit as much as they want, and allow the people to make as much money as they want. Morals are not for government to decide, but rather for people to decide among themselves. Perhaps one day we will be able to tell our grandchildren the story of how ‘back in the day’ there was a saying that the only two things for certain in life were death and taxes, and after we explain what taxes are, they will giggle thinking we have made the whole thing up.