John Edward's Misunderstanding of Markets

John Edwards says "I believe in a market economy that works for everybody, so there’s fairness."

No! No! No!

A market economy can only work if there are winners and losers. Fear of losing profits and wages motivates many businesses and workers. If you take away this fear you have taken away much of the wealth creating power of markets.

Innovation, that most important of market activities, almost always harms some people. Automobiles, for example, destroyed numerous jobs in the horse transport industry. If the government eliminated innovation that destroyed jobs, we would have little growth. And if the government allowed such destructive innovation but fully compensated those harmed by the innovation then tax rates would have to be so high as to eliminate most innovation.

In short, a market economy that works for everyone is a market economy that doesn't work.