The best way to spur ethical conduct by banks—trading value for value with their customers—is to deregulate banking.
The only thing governments can do to facilitate innovation is to stay away from markets and allow companies compete and trade freely.
Instead of endeavoring to influence a market-determined federal funds rate by reducing or increasing the supply of bank reserves, the Fed now adjusts a pair of rates determined solely by its own administrative decrees, while conducting open-market operations without any particular reference to these rate adjustments.
A stable inflation rate is no guarantee of overall economic stability.
Marx’s flight from reality was the wish to have all that capitalism, division of labor, and competitive exchange can produce, but without the cost of work, discipline, specialization, and selecting among alternatives.
Marx’s critique of capitalism and capitalist society has shaped much of the social thinking in Western countries that led to the welfare state and extensive government intervention into economic affairs.
If anyone else did what the government does with our money, such as hand out corporate welfare, it would be called theft.
Businesspeople who produce material values are not the same as crooks who prey on gullible investors or customers or both, and produce nothing.
The nineteenth century victory of free trade over Mercantilism and Protectionism represented one of the great triumphs in the history of classical liberalism.
David Ricardo (1772-1823) was one of the most influential economic theorists of the first half of the nineteenth century.
iPhones would never have been created in a centrally planned economy where the government regulates the prices, from CEO pay to those of products.
This escape from poverty originated in Western Europe in the eighteenth and nineteenth centuries with the coming of the Industrial Revolution and the freeing of men and markets from the heavy-handed regulations and commercial restrictions of government.
Free banking money guru George Selgin opines.
The nightmare scenario is that once again tax cuts and deregulation take the blame, allowing Bernie Sanders or a socialist candidate to ride another populist wave, only this one headed far left, into the White House of 2020.
Adam Smith on Free Trade, Crony Capitalism, and the Benefits from Commercial Society: Economic Ideas
Adam Smith’s central contribution to economic understanding was surely his demonstration that under an institutional arrangement of individual liberty, property rights, and voluntary exchange the self-interested conduct of market participants could be shown to be consistent with a general betterment of the human condition.