Is profit a dirty word? Would the world be better off without them?
International trade operates under the same general principles as domestic trade.
The marginal utility of human work does not diminish, as the number of workers increases. As the size of a market grows, the value of firms and workers within it rises.
When Congress creates a special privilege for some Americans, it must of necessity come at the expense of other Americans.
What actually makes for a more just society experiencing greater opportunity, improved conditions and rising standards of living for virtually all over the long run? In a nutshell, three words: freedom, competition and trade. These are Adam Smith’s “open sesame” to alleviate poverty, privilege, and inequity in society.
As Ludwig von Mises explained, an enterprise or activity is either guided by the pursuit of profit or it is not: Make profits by satisfying consumers better than the market supply-side rivals or meet the legislative mandate of the government bureau or agency by following the rules and procedures specified in your job description.
The Federal debt has now crossed the $19 trillion mark. When George W. Bush entered the White House in 2001, Uncle Sam’s debt stood at $5 trillion. When President Bush left office in January of 2009, it had increased to $10 trillion. Now into seven years of Barack Obama’s presidency, the Federal debt has almost doubled again.
Carl Menger is a towering figure, not only for the development of his variation on the “marginalist” theme, but for originating a still unique and distinct and highly relevant approach to economic and social analysis that still rightly bears the name, the “Austrian School.”