Economics

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.

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 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.

If they take one direction, it is only because they have been diverted from another.

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.

Keynesian Economics has continued to dominate and hold sway over the way the vast majority of economists think about and analyze the nature of economy-wide fluctuations in employment and output.  

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.

What would become of the glass makers, if nobody ever broke windows?

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.

The vast majority of Amazonian deforestation happens on land directly controlled by Brazilian states or the federal government.

“Saving lives” is inseparable from saving livelihoods.

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.

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.