The operation of the tendency toward a uniform rate of profit requires that high profits be made by continuously introducing productive innovations in advance of competitors.
Three common accusations against capitalism are that it is exploitation, it is cronyism, and it destroys the planet.
End the “Lottery Life” in housing and watch market entrepreneurs do the rest.
How the profit motive acts to make production steadily increase in a free market, and becomes an agent of continuous economic progress.
When people talk of a "price level," they have in mind the image of a level of a liquid which goes up or down according to the increase or decrease in its quantity, but which, like a liquid in a tank, always rises evenly. But with prices, there is no such thing as a...
If the supply of caviar were as plentiful as the supply of potatoes, the price of caviar--that is, the exchange ratio between caviar and money or caviar and other commodities-would change considerably. In that case, one could obtain caviar at a much smaller...
Nuisance is highly contextual. An action that constitutes a nuisance in one context may not be a nuisance in another context.
The real advocates of the consumers—their virtual agents—are businessmen seeking profit, not the leaders of groups trying to restrict the freedom of businessmen to earn profits.
Economic power is founded on voluntary trade. Political power is founded on physical force.
In total opposition to the misguided efforts of the Marxists to contrast production for profit with “production for use,” the fact is that production for profit is production for use.
The idea that there is a third system — between socialism and capitalism, as its supporters say — a system as far away from socialism as it is from capitalism but that retains the advantages and avoids the disadvantages of each — is pure nonsense.
We may not always like the alternatives that we face, but choosing between unattractive alternatives isn’t force.
On the one hand, housing advocates and public officials decry the state’s housing shortage. On the other hand, they continue to advocate for more controls and restrictions to be piled onto the shoulders of housing producers.
The uniformity-of-profit principle explains how the activities of all the separate business enterprises are harmoniously coordinated so that capital is not invested excessively in the production of some items while leaving the production of other items unprovided for.
The Progressive framework relegates the individual to second-class status. The collective reigns supreme.
The best way to begin to understand the functioning of the price system, and thus the full nature of the dependence of the division of labor on capitalism, is by understanding the following very simple and fundamental principle. Namely, there is a tendency in a free market toward the establishment of a uniform rate of profit on capital invested in all the different branches of industry.
Analyzing interventionism during the First World War in Germany and England.
Laffer pours ice cold water on Amy Klobuchar’s plans for a “hot antitrust summer.”
More than 60 percent of retail gas stations are establishments singularly owned by a family or an individual. And while the number has undoubtedly changed over the last decade, 2013 Census data reported that 61 percent of those stations are owned by immigrants.
“In many cases rent control appears to be the most efficient technique presently known to destroy a city — except for bombing.”
Let us consider one example of interventionism, very popular in many countries and tried again and again by many governments, especially in times of inflation. I refer to price control. Governments usually resort to price control when they have inflated the money...
Bitcoin Volatility is a Feature, Not a Bug.
When bonds and stocks decline a lot and simultaneously it suggests inflation is rising rapidly even as the economy is stagnating or contracting (or will soon do so). For most economists today, that combination is near-impossible.
four ways in which the lives of those of us in the modern, capitalist world differ categorically from the lives of almost everyone until just a few centuries ago.