Say’s Law of Markets already included the answers to the questions against free markets with which the Keynesians attempted to challenge the efficacy of capitalism a century later.
Steven Kates refutes Keynes’s caricature of the classical economists. Ultimately it is always goods that are traded for goods. Say’s Law, properly understood, explains both what causes unemployment and how to solve it..
Amongst Thomas Piketty, Elizabeth Warren, Bernie Sanders, Jerry Yang, and Jeremy Corbyn a wealth tax is all the rage as a means to rectify “wealth inequality”. But what does it really do?
It is capitalism and the competitive market process that generates solutions to the knowledge problems of the society, including the “informational asymmetry” that naturally follows from any developed social system of division of labor.
In economics Hayek is a radical; but in philosophy, unlike Ayn Rand, Hayek is a conservative.
Economic growth has been faster when the federal government has been smaller (relative to GDP) – and vice versa.
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”