Capitalism Rules, Socialism and Communism Suck Thread

[wufwugy]

Wuf is legit. I once said otherwise. That quote of his just throws it in my face how wrong I was.
Real men aren't afraid to be honest about their mistakes, spoon.

Thanks. I appreciate that.

Economic models excel on different scales.
Capitalism is the best on the largest scales, but socialism makes more sense for a household economy.

Could you expound on the "socialism for households" thing? On the economics by scale thing, the breakdown in the field is micro and macro. Micro consists of the smallest economic thing you can think of, like how a person choosing Thing A over Thing B means that the opportunity cost of choosing Thing A is the value lost by not choosing Thing B. Micro goes all the way up to firms and markets for specific goods and services. By contrast, macro is the very large scale stuff and is typically very different than micro. It's so different that my favorite living macroeconomist claims that he doesn't even think macro should be taught at the undergraduate level. Anyways, macro is stuff like monetary policy and nationwide aggregate demand/supply, where the aggregate isn't just addition of all the demand/supply but something else. I'd say the difference between micro and macro are not too far off from the differences between the small and large extremes in physics, where they essentially appear to be governed by different rules (though that characterization might not be exactly correct, you can let me know).

With this in mind, I think that economics is relevant for the household as well as the country. I suspect you're not saying it's not, and I am interested in what you mean by socialism for the household.