Sen. Rand Paul (R-Kentucky) shares a timely quote about socialism and economics.
Socialism and economics are incongruent in theory, regulation, and practice.
The idea of economics is proper management of money and capital. Many dollars flow throughout an economy, and the budgeting of those dollars varies based on different priorities and goals. The idea of socialism is no management of money and no capital. Budgeting a dollar is a superfluous activity in a system that does not allow wealth-building or genuine freedom of choice.
Economics is regulated mostly by itself and when necessary by proper overseeing agencies. A substandard product is likely to be short on market demand, and a dangerous product is likely to be disallowed by a government agency. Socialism is regulated by nothing but the authoritarian impulses by which it is brought into being and upon which it rests. Government decides what is offered and what is allowed for purchase based on no set boundaries and no market pressures.
Economics is driven by market decisions. Demand for a product or service determines its staying power and future production. Socialism is driven by government decisions. Nothing determines what is offered and what is allowed for purchase except, to be necessarily redundant, the authoritarian impulses by which socialism is brought into being and upon which socialism rests.
Economically, people can gather what they need and want through earning power, through investment, through budgeting, through decisions, and ultimately through freedom. Socialistically, people get what they are doled, whether they need it, want it, like it or not. The quote Sen. Paul shares is quite correct. Socialists do not understand economics, which is evident by their very attachment to socialism. They do not understand economics because socialism and economics are incongruent.
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