Why Democratic Socialists Could Never Produce the Instant Pot

Intellectual Takeout

If Ocasio-Cortez cared about her constituents, she might take time to learn how entrepreneurs, with the freedom to use resources to serve consumers, have lifted billions out of poverty in the past few centuries. If the goal of democratic socialists to abolish capitalism is reached, we’ll never hear of future Dr. Wangs.

. . . "In November, Ocasio-Cortez asked her 1.2 million Twitter followers to post their favorite Instant Pot recipes. Perhaps she should ask her Twitter followers to explain to her how markets work to produce innovations like Instant Pots. There are no innovation recipes that guarantee entrepreneurial success.

"In my essay, “The Instant Pot and How Empathy Is at the Core of Capitalism,” I explored how Dr. Robert Wang risked $300,000 of his savings to invent the Instant Pot. No doubt Ocasio-Cortez sees herself as a highly empathetic person as she sets out to redistribute other people’s money, but Dr. Wang’s company was built on putting empathy into action with his own money.

"Empathy, as Dr. Wang knows, is the open secret of business success. Empathy, not greed, is the essence of an entrepreneurial mindset that fosters innovation to meet the urgent needs of customers.

"To those who assume capitalists are greedy, it may seem startling to call profit-seeking entrepreneurs compassionate. For many, compassion begins with politicians redistributing income. Yet empathy is a gateway to compassion. When an entrepreneur sees clearly the unmet needs of others, action to alleviate the need is possible.

Ocasio-Cortez’s platform calls for Medicare for all, housing as a right, and a federal jobs guarantee with a $15 minimum wage. Her motivation is not merely an expanded social safety net. These are just her first steps toward the abolishment of capitalism.

"We can wonder what government agency she envisions will conjure up innovations as good as the Instant Pot. Will future Dr. Wangs apply to a government board for funding? And since Ocasio-Cortez sees a desperate need for more healthcare and housing, how could precious funding be deployed to build something that satisfies unarticulated needs?

"If you use an Instant Pot, you already know its unique features. Burn protection is a design feature of the Instant Pot. Little steam escapes, and the result is perfectly cooked food without minding the stove. In my household, like many others, the Instant Pot has revolutionized cooking and eliminated pot scrubbing." . . . Read the full article

This article has been republished with permission from Foundation for Economic Education.

Related: Venezuela Reveals the Natural Progression of "Democratic Socialism"

Venezuela shows that socialism requires time to reduce a prosperous economy to misery and rule over its ruins.

..."Francisco Toro, writing in the Washington Post, tries to whitewash socialism in the wake of the destruction of Venezuela. He sends a message to “true believers” of the cause, from violent, hooded fanatics behind Soviet flags to eternally-offended worshipers of the ultra-left Senator Sanders or the comparatively moderate followers of Hillary Clinton." . . .