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.
Keynes used the “technique of obscure arguments followed by clear and triumphant conclusions.”
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The development of all the institutional features of capitalism is well illustrated by the economic history of the United States.
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.
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.
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.
Menger’s Distinct Approach to Economic Thinking
One of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith.
President Biden’s “closed shop” labor union agenda would rob all those working for a living the liberty and latitude to do so freely and of their own choosing.
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.
What about the benefits and costs of dealing with the COVID-19 pandemic?
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 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 work furnished by the Government was done at the expense of labour, paid for by the tax-payer.
Much is hoped from the future prosperity of Algeria; be it so. But the drain to which France is being subjected ought not to be kept entirely out of sight.
On the myth that “it is the superfluity of the rich which makes bread for the poor.”
It is an injustice to the tax-payers, who are made to pay a debt which is no concern of theirs.
“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!”
Some persons consider that plunder is perfectly justifiable, if only sanctioned by law.