In his market system talk, economist Michael Brandl discusses the point of capitalism. It is not about making the most money you can or accumulating stuff, but rather it is about maximizing utility. In this sense, utility (happiness and wellbeing) is very individualistic because different things make different people happy. Money is only a tool or constraint.
The Associate Clinical Professor at the Ohio State University asserts spending is not the greatest variable, despite lessons learned from the Great Depression of the 1930s. The post World War II economy was based on keeping spending high, and this was a mistake on the part of the baby boomer generation, according to the speaker. He implores younger generations to learn from this mistake in the market system talk, or else we will go into a bigger economic decline.
He also encourages younger people to do what they are best at (competitive advantage), which is often what makes them happiest.
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The Michael Brandl talks on market systems discuss the lessons people must learn from the baby...
Michael Brandl's Market System Talk Dismisses the Goal of Wealth Accumulation
May 15, 2014By: Alyson Wyers -