Capitalism Prevents Harmul Monopolies

Capitalism Prevents Harmul Monopolies

Numerous misunderstanding and mythologies surround the meaning of capitalism and competition, but few match the confusions over the meaning and relevance of “monopoly” in the workings of the market economy. When looked at dispassionately, factually, and historically,...
Keynesian Aggregate Demand and Supply Derangement Syndrome

Keynesian Aggregate Demand and Supply Derangement Syndrome

The fundamental flaw in Professor Bradford DeLong’s view, as in John Maynard Keynes’ 1936 book is the idea that there exists a macro-economy the two sides of which are composed of aggregate demand and aggregate supply. It has been more than 80 years since the...
What a Dictator Does to an Economy

What a Dictator Does to an Economy

The US president has rightly denounced Venezuela’s Nicolas Maduro as a dictator who violates the “rule of law” and has ruined that country’s economy through arbitrary rule over its business sector. Good. Now let’s apply that principle closer to home. “They better damn...
Socialism: Inability of Economic Calculation (4 of 4)

Socialism: Inability of Economic Calculation (4 of 4)

When it comes to choosing between socialism and capitalism as an economic system, the problem is somewhat different. The authors of socialism never suspected that modern industry, and all the operations of modern business, are based on calculation. Engineers are by no...

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