The Cautious Optimism Correspondent for Economic Affairs and Other Egghead Stuff bows to the wisdom and wit of economist Lawrence Reed. Today Reed analyzes the logic of this year's May Day celebration crowd with a piercing observation:
"Check out this story. One of the celebrating socialists even says that socialism failed in Venezuela because oil prices fell. Think about that: For socialism to succeed, oil prices must be high. Capitalism works to lower them by producing more, and succeeds whether oil prices are high or not. Why would a thinking person want to hitch his intellectual wagon to a poisonous idea whose "success" depends on price gouging?"
-Lawrence Reed
Click here to read the Federalist article Reed refers to
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