Misunderstands and misconceptions of capitalism

1. Pay too much attention to Motives, and not enough attention to consequences

2. Self-interested behaviors vs. Selfish behaviors. Successful entrepreneurs more than often pay more attention to challenge of the job

3. Competition is the result of scarcity, not capitalism. To eliminate competition, we need to eliminate scarcity. To eliminate scarcity,  Even saints compete to do good works, for the courses they value.

4. Failure to realize the information provided by market system. Prices move up and down to coordinate people's actions to allocate scarce resources. Price is the information generated by supply and demand

5. Justice applied to family and small community should he applied to the market system. Business should abide by laws and moral rules, but not beyond that. You can distribute from each according to his ability to each according to his need in a family. It is a logical, political and ethical impossibility.

6. From each according to its choice to each according to the perceived value of the contribution.

Devine perspectives can be held by humans.

The pursuit of justic can destroy the world.

Injustic: treating others in violation of the rules.

Impersonal exchange. We are highly interdependent on each other, but we are independent from any one specific person. In a commercial society, you don't need to have a personal relationship or befriend someone in order to trade with someone.

We need to strive to build a community, because the market will not do that.

Capitalism furthers human purposes. It promotes knowledge.

You can't plan science as you can't plan the market. Individuals need to come up with ideas.

It evolves spontaneously unless overwhelming force is involved.

The movement of human history is a movement from coercion to persuasion. Coercion is a threat of removing available options. Persuasion is a promise of offering more available options.

Slavery is unprofitable. It existed because humans tend to like to use coercion than persuasion.

Capitalism is not a perfect system, but is not immoral.

Market transmits information, including distorted and bad information. Speculative bubbles occurs.

People can profit from the errors of the market, so they have incentives to correct the market.