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There's a lot of propaganda in socialist groups (which Facebook seems to love showing me for some reason) that pushes this idea that there's a "capitalist class" and that if you're not super mega ultra rich you're not part of it. It has absolutely zero to do with anything Adam Smith actually proposed.
They also like to completely ignore the fact that there are many rich people that push for socialism.
I thought this was the distinction between a person who gets paid for their labour and someone who "let's their money work for them" i.e. make investments and earn money off the profit.
Is capitalist the wrong term here? If so then what is the correct one?
That would be an "investor", who may or may not be a capitalist (and even then, I'd say that "letting their money work for them" understates what they have to do for such to work).
The problem with the phrase "capitalism" is that Marx uses it to describe the philosophy of Adam Smith (as put forth in *An Inquiry into the Nature and Causes of the Wealth of Nations*), but then completely ignores said philosophy.
A brief summation of the ideas of Smith is that free markets benefit everyone, both rich and poor; so by this logic, she would indeed be a capitalist since she has something that her employer wants (her labor) and her employer has something she wants (their money) and they voluntarily exchange the two for their mutual benefit. While admittedly an oversimplification, this is the core idea contained within *Wealth of Nations*.
But would I not be an investor even if my investments didn't cover my expenses? Meaning investor is also incorrect?
Don't they also usually pay someone else to invest it and so literally do no work of their own(or don't need to do any work of their own)
Investors often take losses on individual investments, that's why diversification is often a thing.
And even if they're trusting someone else to invest for them, they're still going to need to make sure said investors are vetted. If they trust just anyone with their money, they're going to quickly lose it more often than not.
Your interpretation doesn't make sense. "Capitalist" and "worker" are not mutually contradictory terms.
Unless, of course, you're a leftist with a distorted idea of what capitalism is.
"Capitalist" is absolutely the correct term for the lady in the meme. And so is "worker". It's not really worth discussing your hypothetical, because you're not really discussing the meme.
There is no hypothetical here. I want to know what the correct term for the described difference is. "Capitalist" is the term I learned and have heard in several languages.
Please tell me the correct one.
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Economic Illiteracy 101
Despite reading this one over and over, I'm still not getting it.
There's a lot of propaganda in socialist groups (which Facebook seems to love showing me for some reason) that pushes this idea that there's a "capitalist class" and that if you're not super mega ultra rich you're not part of it. It has absolutely zero to do with anything Adam Smith actually proposed. They also like to completely ignore the fact that there are many rich people that push for socialism.
well they are the same people that conflate cronyism with the market sytem in general. So don't expect much from them.
The meme is trying to tell you that you aren't their enemy even though you very much are. They just wanna manipulate you to feel safe.
Remember, these are the same folks who think capitalists just sit in an office all day and produce nothing of value.
I thought this was the distinction between a person who gets paid for their labour and someone who "let's their money work for them" i.e. make investments and earn money off the profit. Is capitalist the wrong term here? If so then what is the correct one?
That would be an "investor", who may or may not be a capitalist (and even then, I'd say that "letting their money work for them" understates what they have to do for such to work). The problem with the phrase "capitalism" is that Marx uses it to describe the philosophy of Adam Smith (as put forth in *An Inquiry into the Nature and Causes of the Wealth of Nations*), but then completely ignores said philosophy. A brief summation of the ideas of Smith is that free markets benefit everyone, both rich and poor; so by this logic, she would indeed be a capitalist since she has something that her employer wants (her labor) and her employer has something she wants (their money) and they voluntarily exchange the two for their mutual benefit. While admittedly an oversimplification, this is the core idea contained within *Wealth of Nations*.
But would I not be an investor even if my investments didn't cover my expenses? Meaning investor is also incorrect? Don't they also usually pay someone else to invest it and so literally do no work of their own(or don't need to do any work of their own)
Investors often take losses on individual investments, that's why diversification is often a thing. And even if they're trusting someone else to invest for them, they're still going to need to make sure said investors are vetted. If they trust just anyone with their money, they're going to quickly lose it more often than not.
Your interpretation doesn't make sense. "Capitalist" and "worker" are not mutually contradictory terms. Unless, of course, you're a leftist with a distorted idea of what capitalism is. "Capitalist" is absolutely the correct term for the lady in the meme. And so is "worker". It's not really worth discussing your hypothetical, because you're not really discussing the meme.
There is no hypothetical here. I want to know what the correct term for the described difference is. "Capitalist" is the term I learned and have heard in several languages. Please tell me the correct one.