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 Economics of Socialism, Part 1

In the cloud-cuckoo lands of socialist fancy, roast pigeons will fly into the mouths of the comrades,with no realistic explanation of how this miracle is to take place.

The Inevitable Failure of Socialism

“As soon as one gives up the conception of a freely established monetary price for goods of a higher order, rational production becomes completely impossible.” – Ludwig Von Mises

The Legacy of Karl Marx

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.

Saving Capitalism From The “Big” State

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.

Class Harmony, Not Class War

One of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith.

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

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 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.

Foreign Welfare at Taxpayer Expense

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.

Luxury and Frugality

On the myth that “it is the superfluity of the rich which makes bread for the poor.”

State Security of Loans

It is an injustice to the tax-payers, who are made to pay a debt which is no concern of theirs.

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.