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.
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.
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.
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.
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