The work furnished by the Government was done at the expense of labour, paid for by the tax-payer.
Economics belongs alongside mathematics, natural science, history, philosophy, and the humanities as an integral part of a liberal education.
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.
The inescapable conclusion of the Mises-Hayek argument about socialist calculation is that an efficient socialist society cannot be designed.
Capitalism (and economic analysis) requires reason, not faith, facts, not what feels good. The supply side is the right side, but the Pollyannas must cease their bias and at least try becoming more objective. They must defend the right policies, not merely those imposed by politicians they deem to be in the right because they are on the right.
In contrast to Canada, which has no national restrictions against price gouging, 39 American states now have stringent laws or executive orders against raising prices during emergencies.
We should focus on shielding the elderly and people with comorbidities while allowing the young and healthy to associate with one another in order to build up immunities
The proper name for “government stimulus” is: “capital destruction.” It’s the unreplaced using up of the factors of production.
These insights into the nature of the market process are part of Israel Kirzner’s lasting legacy to our understanding of the workings of the economic order.
Say’s Law and Saysian economics go hand in hand with a political-economic-philosophical appreciation for capitalism – for rationality, the pursuit of self-interest, entrepreneurialism, profit-making, private property rights, the rule of law, and constitutionalism.
Thomas Sowell discusses poverty around the world and in the United States. Poverty in America, he says, compared to the rest of the world, is not severe. Many poor people in poverty in the United States have one or two cars,...
Economics is fun and simple. It’s made complicated by some economics professors. Let’s apply some simple tools of economics to reveal outright myths, lies and tricks.
Joseph A. Schumpeter is identified with two related ideas, the notion of the innovative entrepreneur and the imagery of the competitive market as a process of creative destruction.
The fact is, there is far more in the world that successfully manages and “regulates” itself without the controlling hand of the government than many of us pause to reflect on or understand.
If you approach Austrians economics from a Marxian-style dialectic, as Janek Wasserman does, then you will miss the entire point of the school of thought and its contribution to the science of economics.
Your building your own deck would be worthwhile only if your cost of doing so is less than the cost of having someone else, such as Jones, build it for you.
To consume, men must first produce.
The Great Depression was not one, but four consecutive depressions that Professor Hans Sennholz has labeled as four “phases”: the business cycle; the disintegration of the world economy; the New Deal; and the Wagner Act.
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?
So many CEOs know so little about economics that they don’t know that in a free market producing for the profit of their stockholders in and of itself implies producing for the benefit of everyone.
Voice of Capitalism
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