Economics

Prices and Costs of Production in a Free-Market

In a free market, the prices of products tend to be governed by their costs of production.

The Intellectual Assault on Economic Activity and Capitalism, Part 1 of 2

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.

The Beginning of the End

We’ve reached the end of the road and found that the people who must ultimately pay for unlimited government are us. And whether through taxes or inflation, pay we will.

Socialism: Central Planning vs The Freedom to Plan (3 of 4)

The socialist system, however, forbids this fundamental freedom to choose one’s own career. Under socialist conditions, there is only one economic authority, and it has the right to determine all matters concerning production. One of the characteristic features of our...

Capitalism and the Origin of Economic Institutions

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.

Capitalism: Capital and Wages (3 of 3)

The capitalist system was termed “capitalism” not by a friend of the system, but by an individual who considered it to be the worst of all historical systems, the greatest evil that had ever befallen mankind. That man was Karl Marx.

The Economics of Socialism (Part 4)

The exclusion of free initiative and individual responsibility, on which the successes of private enterprise depend, constitutes the most serious menace to socialist economic organization.