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Title : What If Jeff Bezos Spent $50 Billion To Construct As Well As Function Steel Factories?
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What If Jeff Bezos Spent $50 Billion To Construct As Well As Function Steel Factories?

Here’s roughly other Don Boudreaux missive of the alphabet to Cal Clayton (a novel electronic mail correspondent of his):

Mr. Clayton:

I disagree alongside your assertion that Beijing’s policies trial inward “overcapacity inward global steel making” in addition to that this asserted “overcapacity” hurts us Americans.

Suppose that Jeff Bezos, only for kicks in addition to non expecting to plough a turn a profit on the expenditure, spends $50 billion of his ain funds to construct in addition to operate steel factories. Global steel-making capacity would thereby rise, in addition to steel (and other metal) prices would autumn (thus ensuring, past times the way, that all steel that is produced finds willing buyers). Would y'all telephone phone this capacity “excessive”? And would y'all suppose that Americans are harmed past times Bezos’s steel factories?

I wouldn’t, in addition to nor should you. Bezos’s operate of his coin to construct these factories is his business. His doing so, inward this example, bestows a gift on the residue of humanity – namely, a greater abundance of steel, all produced alongside resources that would otherwise convey been used to create goods in addition to services for his ain someone consumption. In short, past times edifice these factories that he runs unprofitably, Bezos transfers existent wealth from himself to the residue of us.

Of course, Beijing isn’t Bezos. When Chinese authorities officials pass coin to expand steel-making capacity inward that province they spend, non their ain money, but that of the Chinese people. This fact agency that steel-making capacity inward mainland People's Republic of China is excessive from the perspective of the Chinese people. It is they – and only them – who convey whatever campaign to complain. The residue of us convey cypher campaign to complain because this activeness past times Beijing bestows on us internet benefits. From our perspective inward this example, Beijing is no unlike from Bezos inward the previous example: inward neither case, from ourperspective, is the world’s steel-making capacity excessive.

Sincerely,
Donald J. Boudreaux
Professor of Economics
and
Martha in addition to Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA 22030

The inward a higher house originally appeared at Cafe Hayek.

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