Prager University has released its newest online offering. The course is from the Economics Department and features an interview with Walter Williams, renowned Professor of Economics at George Mason University, who discusses the relative merits of capitalism vs other economic systems.
“I believe that the free market is morally superior to other ways of organizing human beings,” states Williams. “The reason why is the free market implies voluntary action on the part of human beings.”
Williams uses as an example the exchange of goods and services between a homeowner, a person who mows the lawn, and a shop-keeper selling steak and beer. The money exchanged for the lawn mowing is a “certificate” of providing a service to another person.
“Contrast the morality of having to serve your fellow main in order to have a claim on what your fellow man produces with government allocation,” explained Williams. He implies that government’s redistribution of wealth is clearly morally inferior.
Williams also addresses the following questions:
- Is the free market a zero sum game?
- How does the free market deal with failing companies?
- What is the role of government in a free market economy?
After earning his doctorate in economics from the University of California – Los Angeles, Williams’ career includes being a professor at George Mason University; he was chairman of the University’s Economics department from 1995 to 2001. He has a syndicated column that appears in over 140 newspapers, has produced hundreds of articles focused on economics, and has written eight books, including Race and Economics: How Much Can Be Blamed on Discrimination?