Why can't capitalism stop its excesses, greed, and other damaging characteristics?

I made no such claim. And without knowing how you are defining capitalism it's difficult to resolve what appears to be a difference of opinions.

 

Given it is a consumer driven system, do what you have long been doing. Notice that just when you hate Walmart, they show up with very good prices. If you won't buy from them, you used capitalism.

 

No matter what your feelings are of Walmart, does not the act of buying from Walmart OR a competitor involve capitalism?

 

Not necessarily. If Walmart was run by a national socialist government capitalism is not involved. A transaction is which a product or service is purchased does not define capitalism.

 

Then what is your point about a monetary system ?? All forms of economic systems run more efficiently using a monetary system. That is not unique to capitalism.

 

I asked for your definition of what capitalism is, and am still awaiting an answer.

 

If you look back to my post #243, 'While Carville coined the phrase "The economy, stupid", a much more appropriate phrase in response to this threads OP would be "The monetary system, stupid".', you might notice that I didn't say anything at all about capitalism in referring to the threads OP which appears to claim excesses and greed to be a result of capitalism. Essentially what I was saying is that the monetary system we, and most all the worlds nations use today is more responsible for the problems we face. You introduced the Federal Reserve and capitalism into the discussion, and I've yet to determine why.

Which brings up another question; Did we NOT have a monetary system prior to the creation of the Federal Reserve?

 

If you want to make a point then make it. I have no interest in playing games.

 

Again if you have a point to make then make it.

 

I made my point, I'm sorry if you didn't/don't understand it.

 

Yup - completely missed that one. Maybe someone else can explain it ??

 

"B..b..but that wasn't REAL socialism"...is the response that is usually given. But then you point out that what we have here isn't real cspitalism, then it's something to the effect of "Yes it is!".

The hypocrisy of the Richard Wolff apostles is deafening...

 

Capitalism is a system run by thieves, who always fix the law to save their swag.. Until they're in the bin, humanity is wasting its time.

 

The difference is one of morality. Capitalism, so far as it's in alignment with a free market, does not impose upon anyone. Socialism and other forms of collectivism are moral systems, rather than economic. In either case, the use of force leads to harm to the masses; it's just that capitalism still manages to lead to wealth generation and poverty reduction.

 

Have you read any of his papers? Have you ever considered his influence on new trade theory? You might dislike his politics, but to deny the relevance of his economic output is just childish.

For supply-side economics you have to refer to the likes of Thatcher (who genuinely thought, god bless her, Hayek and Friedman weren't snakeoil salesmen). Most economists reject that stuff. They appreciate, for example, the nature of market failure and its impact on welfare economics. Theory of the second best runs supreme.

 

Name some benefits of Krugman's work.

Market failure ?? Come'on man - all this theoretical BS is completely worthless unless you reside in ivory towers. A prime example is Christine Romer's predictions on the stimulus (with 17 separate multipliers which didn't). When she left the gov and went back to Berkeley she said that the stimulus didn't work and that she didn't know why it didn't work and then went back to the ivory tower where partial differential equations behave themselves.

 

I've already informed you of his pivotal role in New Trade Theory.

Clearly you're not actually interested in economics.

 

The problem is that people are stupid, they believe in capitalism and allow monopolies to take over the power.

 

Why blame the individual? They're typically powerless and live day to day.

 

At least they can complain loudly and demand, but they don't. E.g. I have never that anyone demand accessible health care even if everyone suffers. Yes, people are indoctrinated so they are powerless.

 

It isn't about indoctrination. Its more akin to learned helplessness. That isn't the fault of the individual. Its the fault of a system based on consensus

 

I'm interested in applied economics and of what practical use academic economics is. What gov policies and/or corporate policies were implemented based on his work and what were the quantified benefits ??

 

What monopolies are those ??

 

I hear people complain about health insurance premiums everyday.

 

E.g. AT&T, Comcast, Health Cartel, he corporations that accumulate lot of wealth and influence in the politics.
Lobby-ism as a Legalized corruption, that destroys all the principles of the capitalism.