On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss how capitalism develops life-saving technology before introducing Dr. Charles N. Steele.
Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.
Technology is the unique human ability to discover how to convert resources into useful implements. Economic resources are created by human ingenuity as we discover new uses for previously worthless materials.
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