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.
George Reisman
George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of Capitalism: A Treatise on Economics. See his Amazon.com author's page for additional titles by him.
Visit his website capitalism.net and his blog atGeorgeReismansBlog.blogspot.com. Watch his YouTube videos and follow @GGReisman on Twitter.
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.
In Praise of the Capitalist 1% Percent
“The wealth of the 1 percent provides the standard of living of the 99 percent.”
The Irrelevance of “Worker Need” and “Employer Greed” in the Determination of Wages
In the conditions of a labor shortage, which necessarily materializes if wage rates go below the point corresponding to full employment, the payment of higher wages provides exactly the same benefit to employers.
Where Profit Comes From
This theory of profit/interest has major implications for the understanding of capital accumulation, the determination of real wages and the general standard of living, taxation, inflation/deflation, and the business cycle. It also provides the basis for the overthrow of virtually all aspects of Keynesianism and its system of national income accounting, along with an equally fundamental and thorough refutation of Marxism and the exploitation theory.
Raising Taxes Is Not Reducing Government Spending
The basis of tax reform must be reduced government spending, not higher taxes.
Natural Resources and the Environment
The notion that production and economic activity are harmful to the environment rests on the abandonment of man and his life as the source of value in the world.
Boom-Bust in Microcosm
The key to avoiding “busts” is to avoid the credit expansion and “booms” that cause them.
A Pro-Free-Market Program for Economic Recovery
My pro-free-market program for economic recovery is a provisional 100-percent-paper-money-reserve system applied to checking deposits, accompanied by a demonstrable commitment to ultimately achieving a 100-percent-gold reserve system.
Maoist in the White House
Anita Dunn, is described by the online encyclopedia Wikipedia as “one of the major decision makers of the Obama campaign” and as one of Obama’s “four top advisers (along with David Axelrod, David Plouffe, and Robert Gibbs).” She currently...
The Real Right to Medical Care Versus Socialized Medicine
The health and the freedom of the American people now and in the future demand a new politics of progress: progress away from government interference and in the direction of individualism and capitalism. Let such progress begin here and now, with a fight for the right to the freedom of medical care.
The Decline of General Motors
If a company as great and as economically powerful as General Motors once was can collapse into a shadow of its former self, so too can every other company in the United States. So too can the United States itself.
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