George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of Capitalism: A Treatise on Economics. See his Amazon.com author's page for additional titles by him.
Visit his website capitalism.net and his blog atGeorgeReismansBlog.blogspot.com. Watch his YouTube videos and follow @GGReisman on Twitter.
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…
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.
Nazi Germany was a socialist state, not a capitalist one and socialism, understood as an economic system based on government ownership of the means of production, positively requires a totalitarian dictatorship.
Man’s nature makes him need wealth; his simplest perceptions make him desire it; the problem, they held, is to produce it. Economic theory, therefore, could take for granted the desire to consume, and focus on the ways and means by which production might be increase…
One of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith.
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.
While slavery enriched slave owners, it impoverished not only the slaves but also the United States as a whole.
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.
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.
A Note on Asset Prices, Wealth, and Inequality
Inflation—the government’s expansion of the money supply—creates the appearance of business prosperity along with the fact of general impoverishment, which results in blaming poverty on business and profits.
So many CEOs know so little about economics that they don’t know that in a free market producing for the profit of their stockholders in and of itself implies producing for the benefit of everyone.
Turning our world into one in which practically the entire human race is prohibited from acting for its self-interest on the basis of everyone’s independent intelligence is a formula for mass extinction.
Bernie wants us to fear billionaires. Actually, the billionaires work for us — for the great mass of average people. They want to acquire money from us. Unlike the government, they cannot simply come and seize our money.
As the economic degree of capitalism rises, not only do profit margins and the rate of profit fall, but wage payments come into being and then rise both absolutely and relative to profits.
Capitalism operates to raise wages, shorten hours, end child labor, and improve working conditions.
Despite the support which it historically gave to the exploitation theory, classical economics provides the basis for turning the exploitation theory upside down.
Marxism/Socialism is a philosophy conceived in gross error and ignorance about the nature of capitalism, above all about the nature of the relationship between capitalists, profits, and wages.
The concept of white privilege is an invitation to the violation of the rights of whites to the same extent that the rights of blacks have been violated.
I deeply regret the passing of Ralph Raico. In his youth, he was my brother.
American job losses are not the result of freer trade and an excess of imports over exports, but of government policies that prevent capital accumulation in the United States, among them policies that limit imports.
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