One of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith.
Video of George Reisman’s TedX talk on socialism.
At the present moment, we are witnessing a phenomenon that to many people appears bizarre and inexplicable: the phenomenon of wealthy capitalists supporting socialism/communism.
A free-market option to counteracting the bias of today’s internet tech companies.
People who believe that slavery is an efficient system of production are people who are ready to impose 100% marginal rates of taxation in the belief that doing so is economically harmless.
To anyone who understands the role of the productivity of labor in raising real wages, it should be obvious that the unions’ policy of combating the rise in the productivity of labor renders them in fact a leading enemy of the rise in real wages.
While slavery enriched slave owners, it impoverished not only the slaves but also the United States as a whole.
Economics proves the existence of a harmony of the rational self-interests of all participants in the economic system—a harmony which permeates the institutions of private ownership of the means of production, economic inequality, and economic competition.
Capitalism is denounced as “an anarchy of production,” a chaos ruled by “exploiters,” “robber barons,” and “profiteers,” who “coldly,” “calculatingly,” “heartlessly,” and “greedily” consume the efforts and destroy the lives of the broad masses of average, innocent people.
The development of all the institutional features of capitalism is well illustrated by the economic history of the United States.
The “protests” are not against the death of George Floyd. His connection is no greater than the length of the fuse needed to set off a vast accumulation of explosive hatred for the United States, the capitalist economic system, and rationality itself.
Economic progress is the leading manifestation of yet another major institutional feature of capitalism: the harmony of the rational self-interests of all men, in which the success of each promotes the well-being of all.
The existence of freedom under laissez-faire capitalism requires the existence of government.
The greatest era of capitalist development—the last two centuries—has taken place under the ongoing cultural influence of the philosophy of the Enlightenment.
Economics belongs alongside mathematics, natural science, history, philosophy, and the humanities as an integral part of a liberal education.
What makes the science of economics necessary and important is the fact that while human life and well-being depend on the production of wealth, and the production of wealth depends on the division of labor, the division of labor does not exist or function automatically.
If there were no price controls or threat thereof, prices in the present situation would be high enough to keep stocks on the shelves.
Repealing the inheritance tax means that substantial sums that would otherwise disappear into government spending programs will instead be used to make capital investments.
Voice of Capitalism
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