Capitalism Vs Status Quo

 I am not usually a Matt Yglesias fan, but there are worse thinkers out there, and he's not stupid. He makes an observation that instantly makes sense to me, that young people complaining about capitalism are not only not talking about a formal system of private property rights and reinvestment, not even about a general free market, which is the term I have preferred to use for clarity. They mean, with vague hand-waving, "the status quo."  That instantly rang true about the knuckleheads I read on social media complaining how capitalism clearly doesn't work, and impervious to statistics and reasoning about it.  They are talking about something else and don't know it.

Over at Slow Boring he put up To save capitalism we need radical land-use reform. (From Emma Camp at the WSJ Free Expression, whose own article Capitalism Gets a Bum  Rap is excellent as well. It's about refrigerators!)

 If you’re young, your experience of the economy is dominated by the housing situation. And the housing situation in the United States is not very good. So I think for most young people “capitalism” means something like “the status quo system,” and they perceive the status quo system to be pretty bad because they are super exposed to the single most dysfunctional element of the status quo economic system.

Now, in my capacity as a lawyer for capitalism, I am happy to point out that not only is housing the most dysfunctional element of the status quo economy, but it’s also the element that is run in the least capitalistic way.

Far and away the number one thing that could improve young people’s living standards in America would be to embrace more market-oriented housing policies.

I might even get suckered in to making myself miserable for a few days by responding to them again, by beginning with "What you are describing is not capitalism, but the status quo in America, which is a mix of socialist, free market, bureaucratic, and sometimes corrupt elements. The free market parts are actually the parts that are working the best." It won't help, but it's fun to say.