Capitalism is Good in Theory and in Practice

Upon hearing an argument for capitalism, many respond, “That is good in theory, but it would never work in real life.” Such a statement is wrong in both theory and in practice. (And it is actually an example of a fundamental philosophical error–the mind/body...

Dictatorship? Not a Problem

According to The Wall Street Journal, Secretary of Defense nominee Chuck Hagel, during his hearings, had to backtrack on an especially embarrassing assertion that Iran’s rulers are “legitimate” and “elected.” Hagel would never have said...

Myths, Fallacies, and the History of Capitalism

I know that I should not be surprised that most people have little knowledge regarding the history of capitalism. Our schools certainly don’t teach it, and everybody “knows” that capitalism leads to all sorts of evils, such as abuse of employees by employers,...

Supply and Demand in Education

In recent years, it has become increasingly popular to argue that government should be operated more like a business. As an example, a manifesto written by sixteen public school executives explains how to fix public schools: Let’s stop ignoring basic economic...

Prophets and Losses: Part II

People on both sides of tax issues often speak of such things as a “$300 billion tax increase” or a “$500 billion tax decrease.” That is fine if they are looking back at something that has already happened. But it can be sheer nonsense if they...