HOT TOPICS: Ayn Rand | Iran | ICE | Renee Good | Heritage American | Wealth Tax | Mamdani | Jimmy Lai
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.
The development of all the institutional features of capitalism is well illustrated by the economic history of the United States.
Economic progress is the leading manifestation of yet another major institutional feature of capitalism: the harmony of the rational self-interests of all men, in which the success of each promotes the well-being of all.
The existence of freedom under laissez-faire capitalism requires the existence of government.
The greatest era of capitalist development—the last two centuries—has taken place under the ongoing cultural influence of the philosophy of the Enlightenment.
Economics belongs alongside mathematics, natural science, history, philosophy, and the humanities as an integral part of a liberal education.
What makes the science of economics necessary and important is the fact that while human life and well-being depend on the production of wealth, and the production of wealth depends on the division of labor, the division of labor does not exist or function automatically.
Video of George Reisman’s TedX talk on socialism.
At the present moment, we are witnessing a phenomenon that to many people appears bizarre and inexplicable: the phenomenon of wealthy capitalists supporting socialism/communism.
Nazi Germany was a socialist state, not a capitalist one and socialism, understood as an economic system based on government ownership of the means of production, positively requires a totalitarian dictatorship.
Man’s nature makes him need wealth; his simplest perceptions make him desire it; the problem, they held, is to produce it. Economic theory, therefore, could take for granted the desire to consume, and focus on the ways and means by which production might be increased.
One of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith.
A free-market option to counteracting the bias of today’s internet tech companies.
People who believe that slavery is an efficient system of production are people who are ready to impose 100% marginal rates of taxation in the belief that doing so is economically harmless.
While slavery enriched slave owners, it impoverished not only the slaves but also the United States as a whole.
The “protests” are not against the death of George Floyd. His connection is no greater than the length of the fuse needed to set off a vast accumulation of explosive hatred for the United States, the capitalist economic system, and rationality itself.
If there were no price controls or threat thereof, prices in the present situation would be high enough to keep stocks on the shelves.
Repealing the inheritance tax means that substantial sums that would otherwise disappear into government spending programs will instead be used to make capital investments.
A Note on Asset Prices, Wealth, and Inequality
Inflation—the government’s expansion of the money supply—creates the appearance of business prosperity along with the fact of general impoverishment, which results in blaming poverty on business and profits.
So many CEOs know so little about economics that they don’t know that in a free market producing for the profit of their stockholders in and of itself implies producing for the benefit of everyone.
Latest pro-Capitalism goodness sent weekly to your email box.
No spam. Unsubscribe anytime.