Capitalism is Innovative: Innovation Myths—Viki 1999 Debunked

You'll hear many myths about capitalism, one of which @Viki 1999 covers with the usual innovation myths. It is the claim that capitalism isn't innovative and that what harnesses innovation is through the public sector.

As I have argued in this video, it is a black and white argument to say one is innovative and the other is not. Even in the public sector you will find individuals working. As I have noted, however, it is through economic freedom that allows individuals to freely think for themselves which explains why the industrial revolution was such an innovative time period.

There is no denying the fact that there have been many great inventions of the past, even throughout the history of Ancient Greece and Rome and there have been things innovated in the past, however, as I argue, @Viki 1999 fails to comprehend that it's not so much people can't innovate in the public sector, it's the inefficiency, for many things in the market you require the information of consumers in order to know what requires more developing and again relates to resource allocation, it all plays back to the economic calculation problem.

You can hear from Viki's argument that she fails to comprehend not only how important business reputation is, but how dependent businesses are upon their consumers. As I've noted, she also fails to comprehend the difference between costs and price.

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