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.

No Better Investment Than Taxes?

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.

Disbanding The Troops

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.

The Politics and Economics of Plato, Aristotle, and the Ancient Greeks

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.

A May Day Remembrance

The inescapable conclusion of the Mises-Hayek argument about socialist calculation is that an efficient socialist society cannot be designed.

Supply-Side Panglossians are Not Objective

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.

Say’s Law versus Keynesian Economics

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.

The Four Phases of the Great Depression

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.