Walmart
Harold Myerson thinks it is bad that Wallmart works so hard to get low prices for consumers. He argues that consumers would be better off paying more for goods and services. He uses Henry Ford's paying of wages high enough to make his workers consumers of his product as an example. He is wrong on all counts.
Capitalism is successful because the guy with the best product at the best price usually wins the sale. If you attempt to ignor this rule you put corruption into the market place that takes value from everyone.
Wallmart is successful because it is the ultimate capitalist enterprise. Even the low wages it pays its employees can lead to great wealth for them because of the stock bonuses they can receive. Consumers are able to get more value for their expenditures, leaving more money for car payments or house payments spurring the economy in much the same way Henry Ford did, but this is available to everyone who is near one fo their stores and not to just a few workers in Michigan.
Harold Myerson thinks it is bad that Wallmart works so hard to get low prices for consumers. He argues that consumers would be better off paying more for goods and services. He uses Henry Ford's paying of wages high enough to make his workers consumers of his product as an example. He is wrong on all counts.
Capitalism is successful because the guy with the best product at the best price usually wins the sale. If you attempt to ignor this rule you put corruption into the market place that takes value from everyone.
Wallmart is successful because it is the ultimate capitalist enterprise. Even the low wages it pays its employees can lead to great wealth for them because of the stock bonuses they can receive. Consumers are able to get more value for their expenditures, leaving more money for car payments or house payments spurring the economy in much the same way Henry Ford did, but this is available to everyone who is near one fo their stores and not to just a few workers in Michigan.
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