What is socialism and why doesn’t it work? In this special podcast, Frank shows that socialism doesn’t work because it ignores economics 101 in ten ways. It ignores basic truths about:
- Private Property (it drives economics)
- Rule of Law (necessary for a robust economy)
- Free Enterprise (increases value)
- Competition (motivates innovation & quality)
- Self Interest and Service (creates wealth, not greed)
- Adam Smith’s Invisible Hand (can’t be led top-down)
- Free Rider Problem (human nature)
- Ripple Effect (economics is not a static system)
- Supply & Demand (can’t be dictated)
- Scarcity (quarterbacks vs. teachers)
Frank also addresses the claim that since early Christians lived in a communal way in the book of Acts shouldn’t we?
All of these topics are covered in much more depth in the new online course: Jesus vs. the Culture: Who do you Trust? available at CrossExamined.org.
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