To use Keynesian terms, employment in the United States is not suffering from an “aggregate demand” failure. There are plenty of job openings; it is a failure of a good number of employable people not being interested in filling the slots employers would like to fill. Why?
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.
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Inflation is a form of tax, under which portions of the citizenry’s income and wealth is taken from them through reducing the real buying power of money held by all those in the private sector and the general public.
Keynes used the “technique of obscure arguments followed by clear and triumphant conclusions.”
The development of all the institutional features of capitalism is well illustrated by the economic history of the United States.
Because a politically connected businessmen wants more for himself, and politicians have the power to demand that developers kiss their rings, Edgewater’s dump is still a dump.
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.
Government handouts encourage dependence and create labor shortages.
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.
Though the Communist Manifesto, even in its own time, failed completely as an economic guidebook, it did succeed thoroughly in instilling class hatred. This hatred, unfortunately, has been its most permanent contribution.
We should not only allow global capitalism; we should welcome it and foster it in every way possible. It is time to rephrase Karl Marx: Workers of the world unite for global capitalism; you have nothing to lose but your poverty.
Economics belongs alongside mathematics, natural science, history, philosophy, and the humanities as an integral part of a liberal education.
Mariana Mazzucato’s and Joe Biden’s political missions and big economic central plans require all of us to give up our own individual and personal plans to be straightjacketed into their compulsory designs for us.
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.
Why CEOs go “woke”—and why they shouldn’t.
Menger’s Distinct Approach to Economic Thinking
“Poetry of work” is worth pursuing. It gives us purpose—and it gives us happiness.
One of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith.
The false standard of equity leads to bad outcomes for everyone. The standard should not be equity but justice.
The Hazards of Embracing Environmental, Social and Governance (ESG) Goals
Socialist experiments failed in Sweden, Israel, India, Great Britain, Afghanistan, Syria, Algeria, Cambodia, Somalia, etc. There are no socialist success stories.
If history (especially more recent history) is a guide, U.S. equity gains over the next two years of full Democratic control will be inferior, a result that is more probable given that the party is currently more anti-business, anti-profit, and anti-capitalist than at any other time since 1970.