Economics

Who is Carl Menger?

There are few works in the history of economics that may be truly considered “revolutionary” and “path-breaking,” in its starting premises, its logic, and its implications. But one that is in this category is Carl Menger’s Grundsätze der Volkswirtschaftsliche, his Principles of Economics in its English translation, which marks this year the 150th anniversary of its publication in 1871.  

Let a Billion Preferences Bloom

Let a Billion Preferences Bloom

There isn’t much room for diversity and dissent, however, when everything is decided politically. Mass customization and diversity are commercial society’s virtues. Mass regimentation and uniformity are political society’s vices. The stark contrast is clear in the proximity between Halloween and Election Day.

The Myth of the Failure of Capitalism

The Myth of the Failure of Capitalism

The nearly universal opinion expressed these days is that the economic crisis of recent years marks the end of capitalism. Capitalism allegedly has failed, has proven itself incapable of solving economic problems, and so mankind has no alternative, if it is to survive, than to make the transition to a planned economy, to socialism.

The Curse of Automation

“A curse on machines! Every year, their increasing power devotes millions of workmen to pauperism, by depriving them of work, and therefore of wages and bread. A curse on machines!”

The Importance of the Middleman

They would gladly suppress the capitalist, the banker, the speculator, the projector, the merchant, and the trader, accusing them of interposing between production and consumption, to extort from both, without giving either anything in return.

The Loss To The Economy From Public Works

The State opens a road, builds a palace, straightens a street, cuts a canal; and so gives work to certain workmen — this is what is seen: but it deprives certain other workmen of work, and this is what is not seen.

No Better Investment Than Taxes?

It is nonsense to say that the Government officer will spend these hundred sous to the great profit of national labour; the thief would do the same; and so would James B., if he had not been stopped on the road by the extra-legal parasite, nor by the lawful sponger.

Disbanding The Troops

You do not see that to dismiss a hundred thousand soldiers is not to do away with a million of money, but to return it to the tax-payers.

The Politics and Economics of Plato, Aristotle, and the Ancient Greeks

In Aristotle, we find a more subtle and sophisticated understanding of some economic themes than in Plato. While Aristotle’s answers were incomplete and often misdirected, as well as incorrect, he at least was among the first to ask the types of questions that centuries later became part of the heart of economic analysis and understanding.

 

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