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.
What needs to be realized is that there are two distinct causes of generally falling prices. One is the increase in production and supply, which should never, never be confused with deflation, depression, or poverty. The other is a decrease in the quantity of money and or volume of spending in the economic system.
What is essential for safety is not bureaucratic regulation, but free, motivated human intelligence and judgment, which includes a consideration of the costs of achieving greater degrees of safety.
In no case were the power companies and their profit motive responsible for brownouts or blackouts.
An electric-power blackout is a special case of the wider economic phenomenon of a shortage, that is, of a situation in which the quantity of a good that buyers are seeking to buy at the prevailing price exceeds the quantity of the good that the sellers possess and are willing to sell.
News reports now indicate that WorldCom’s overstatement of its profits in the last few years may exceed the $3.8 billion initially reported, perhaps by as much as an additional $3.3 billion, maybe even more. But whatever the ultimate figure may be—$7.1 billion...
The actual nature and consequences of the profit motive in a free market, an explanation of how profits are profoundly distorted by forcible government interference in the form of inflation and credit expansion, in ways that directly explain both the stock market boom of recent years and today’s stock market bust.
How badly flawed are the concepts of freedom of entry, monopoly, and competition that underlie the theory and practice of antitrust.
Had the United States pursued a policy of economic freedom with respect to energy production over the last thirty years, the conditions for OPEC’s success as a cartel would never have been present in the first place.
The environmental movement is profoundly antilabor, because in seeking to undercut the productivity of labor, it strikes at the foundation of rising real wages.
Such wonderful progress in the ability to buy electricity and all other goods can continue in this new century—if only power-hungry government officials and misanthropic environmentalists will get out of the way.
A rational response to the possibility of large-scale environmental change is to establish the economic freedom of individuals to deal with it, if and when it comes.
Assertions that California’s “blind faith in markets” has led to an electricity shortage is a lie.
Destructionist government policy has increasingly restricted the supply of electric power in California and throughout the United States.
The consumers of computer software need the freedom of Bill Gates and Microsoft to produce and innovate in any branch of computer software they choose.
The government and the ecology movement have done everything in their power to raise the demand for and restrict the supply of oil.
The government is using people’s efforts to minimize the harm they suffer from rising prices to conceal the existence of those rising prices.
It May Be Bursting Now, and Faulty Economic Analysis Could Cost Investors Dearly
As the inflation-induced appearance of wealth is made to substitute for the fact of wealth, the boom gives rise to a consumption that takes place at the expense of essential saving and capital accumulation and thus serves ultimately to cause impoverishment.
The supporters of the President and, apparently, a majority of the American public, believe that the President should be exempt from laws and sanctions to which ordinary citizens are subject.
The Review of Austrian Economics (RAE) recently published a review of my book Capitalism: A Treatise on Economics that, while praising my book to some extent, seriously misrepresents or altogether ignores major portions of it.
A growing number of countries–among them, Thailand, Indonesia, Malaysia, South Korea, and Russia–are in a state of financial turmoil. They are all suffering from the effects of currency devaluation, widespread bankruptcies and insolvencies, actual or impending bank failures, collapsing stock markets, and mounting unemployment.
Monopoly is a market or part of a market reserved to the exclusive possession of one or more sellers by means of the initiation of physical force.
The line-item veto power thereby grants the President implicit legislative powers. This is clearly not the way to restrain Congressional spending; indeed, in the long-run it can only increase it.
Soros seems prepared to apply the same collectivist moral-political principle for abridging the freedom of the individual as the Nazis.
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