George Reisman

Anti-“Price-Gouging” Shows a Preference for Suffering Over Profit

If there were no price controls or threat thereof, prices in the present situation would be high enough to keep stocks on the shelves.

Billionaire producer turned philanthropist Andrew Carnegie

Freedom of Inheritance: Repeal The Estate Tax

Repealing the inheritance tax means that substantial sums that would otherwise disappear into government spending programs will instead be used to make capital investments.

The Problem with the Wealth Tax

A Note on Asset Prices, Wealth, and Inequality

The Mirage of Increasing Profits Under Monetary Inflation

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.

Shareholders, Not “Stakeholders”

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.

We Need Free Markets to Cope with Climate Change

Turning our world into one in which practically the entire human race is prohibited from acting for its self-interest on the basis of everyone’s independent intelligence is a formula for mass extinction.

Bernie Sanders vs Walmart: The Wealth of the Wealthy

Bernie wants us to fear billionaires. Actually, the billionaires work for us — for the great mass of average people. They want to acquire money from us. Unlike the government, they cannot simply come and seize our money.

Marx and His Exploitation Theory

As the economic degree of capitalism rises, not only do profit margins and the rate of profit fall, but wage payments come into being and then rise both absolutely and relative to profits.

Wages Under Free-Markets and Capitalism

Capitalism operates to raise wages, shorten hours, end child labor, and improve working conditions.

Classical Economics vs. The Exploitation Theory

Despite the support which it historically gave to the exploitation theory, classical economics provides the basis for turning the exploitation theory upside down.

Marxism/Socialism: An Introduction

Marxism/Socialism is a philosophy conceived in gross error and ignorance about the nature of capitalism, above all about the nature of the relationship between capitalists, profits, and wages.

The “White Privilege” Scam: A Formula for Injustice

The concept of white privilege is an invitation to the violation of the rights of whites to the same extent that the rights of blacks have been violated.

Ralph Raico, RIP

I deeply regret the passing of Ralph Raico. In his youth, he was my brother.

Balance of Trade: China Is Not “Killing Us” with Foreign Trade

American job losses are not the result of freer trade and an excess of imports over exports, but of government policies that prevent capital accumulation in the United States, among them policies that limit imports.

Dangers of Imposing Economic Equality

Some thoughts on Piketty’s Capital in the Twenty-First Century.

The Errors in Thomas Piketty’s Capital in the 21st Century

Capital accumulation and more production, not egalitarianism and its absurd theories and programs, are the foundation of rising living standards in general and rising real wages in particular.

How Minimum Wage Laws Increase Poverty

The principle here is that we need to look to greater economic freedom, not greater government intervention, as the path to economic improvement for everyone, especially the poor.

The Minimum Wage Forces Low-Skill Workers to Compete with Higher-Skill Workers

The efforts underway by the Service Employees International Union, and its political and media allies, to raise the minimum wage from $7.25 to $15 per hour would, if successful, cause major unemployment among low-skilled workers, who are the supposed beneficiaries of...

Unemployment: A Deadlier Disaster for the Third World

As wage rates rise, workers can more and more afford to accept lesser increases along with improved working conditions of a kind that must be at their expense.

“Tax Expenditures”: Not Taxing Is Allegedly Spending

To reduce government spending means to reduce the money the government pays out, not to reduce the money it has chosen not to take in. The first is a reduction in government spending; the second is an increase in taxes. Confusing the two is of benefit only to con men who worship an omnipotent state.

Post-Sandy: A Man-Made Disaster

It is intolerable that their people be made to suffer the effects of disastrous legislation piled on top of a natural disaster and thereby needlessly enlarging and extending the effects of the natural disaster.

Gun Control on the Government’s Guns

Any meaningful program of gun control must above all focus on strictly controlling and regulating the activities of the government.

Fairness for Capitalism Pledge: An Open Letter to Warren Buffett

You and your fellow billionaires should make this policy on the part of the colleges and universities an absolute condition of receiving donations or bequests from you for any purpose. You could think of it, perhaps, as the “Fairness for Capitalism Pledge.”

Occupy Wall Street vs Freedom of Speech

Upholding freedom of speech and rational communication requires a policy of no tolerance for the occupation of property against the will of its owners.

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