The fundamental place to challenge the exploitation theory is not over the labor theory of value or the iron law of wages, but here, over its conceptual framework—over the doctrines of the primacy of wages and the deduction of profits from wages.
MARKETS
Intellectual freedom cannot exist without political freedom; political freedom cannot exist without economic freedom; a free mind and a free market are corollaries. – AYN RAND
F. A. Hayek’s “Use of Knowledge in Society”
Localized knowledge of time and space is knowledge that a person learns and knows about only in the everyday circumstances of the corners of society in which he lives and works.
Inflation Mind Tricks
Rising prices are a symptom of inflation, but just as a fever is not the same thing as the disease that caused it, rising prices are not the same thing as inflation itself.
Establishment of Gold as Money (Part 6 of 10)
The establishment of gold as money is essential to the achievement of a capitalist society.
The Freedom of Production and Trade Under Capitalism (Part 3 of 10)
An appropriate vehicle for the establishment of the freedom of production and trade, whether all at once or gradually, would be the establishment of one last regulatory-type agency: the Deregulation Agency.
NYC Mayor Mamdani Discovers the Bankruptcy of Rent Control
End rent control. Legalize housing investment. Let prices tell the truth. Let builders build. Let landlords maintain their buildings. Let tenants freely move. Let New York grow again.
Capitalism Must Be Defended at the Moral Level
Don’t let those who support socialism take the moral high ground because their morality is wrong.
The Fed’s Fatal Conceit
In my experience, the Federal Reserve is guilty of what F. A. Hayek (1989) called “‘the fatal conceit”–that is, the belief that smart people can do the impossible. I don’t care how smart you are or how great your mathematical models are, you cannot coordinate the economic activity of seven billion people on this planet.
Morality in a Capitalist Economy
It is always in one’s rational self-interest to be ethical.
The Myth That Foreigners Pay Our Tariffs
The costs of tariffs are always shared — and domestic citizens inevitably bear a significant portion of the burden.
US Shipbuilding and the Jones Act
US-built ships cost approximately five times as much as those constructed in South Korea.
Jones Act Undermines U.S. National Security & Economy in Both War and Peace
If the Jones Act must be suspended to address national security emergencies, why do we keep it in place during times of peace? Why keep it around at all?
End of DEI?
The DEI terminology may not have disappeared entirely from business but the ideology (if it ever amounted to more than virtue signaling in corporate communications) has been extinguished.
Gold and The Quiet Birth of a New Monetary Order
A new reserve asset is rising. It is not a cryptocurrency. It is not a new fiat experiment. It is something far older, heavier, and far harder to control.
America’s Triage: On Trump’s Economic Nationalism
“You should not be dependent for that which is fundamental to your sovereignty on any other nation.”
The Delusions and Dangers of the New Mercantilism
Trump has assumed the powers of a near absolute monarch to decide when, why, and against whom he will arbitrarily raise and lower and raise again tariffs on the importation of goods into the United States.
The Politics and Economics of Plato, Aristotle, and the Ancient Greeks
In Aristotle, we find a more subtle and sophisticated understanding of some economic themes than in Plato. While Aristotle’s answers were incomplete and often misdirected, as well as incorrect, he at least was among the first to ask the types of questions that centuries later became part of the heart of economic analysis and understanding.
In Defense of “Evil Billionaire” Jim Pattison
We should thank billionaire entrepreneurs like Jim Pattison and patronize their businesses – not attack them.
Can the Government Confiscate Your Gold?
The Real Risks of Owning Gold (and Why It’s Still Worth Owning)
Business Sucess Requires Principles Over Pragmatism
One of the reasons businesspeople dismiss moral principles is that they see them as burdensome duties to benefit others by sacrificing one’s own interests.
Understanding “Austrian” Economics, Part 2
All the rest of Austrian economics follows from these basic insights.
Understanding Austrian Economics, Part 1
what a good has cost to produce cannot directly determine its value, What it will cost to produce determines how much of it will continue to be made
Deposit Insurance Myths: The Glass-Steagall Act and The Federal Deposit Insurance Corporation
That deposit insurance wasn’t the only way to keep a banking system from collapsing was evident enough in 1933 from other countries’ experiences.
No Excuse for Fraud in Minnesota
Combine an incompatible culture with socialist leadership in our government, and fraud is the result.
Silver is re-pricing, and it ain’t over yet
As a longterm “stacker”(saver) I am not selling my silver metal or mining positions. In my estimation the upside-to-downside risk ratio is still very positive.
Capitalism Works For People, If The Government Would Let It
Peter Thiel has it wrong. We don’t have capitalism but a statist mixed economy where statism is, and has been, the cause of the economic struggles of the Millennials.
Josh Hawley and Bernie Sanders’s Credit Card Caps Hurt the Poor
Like most political quick fixes, it is an economic prescription guaranteed to harm the very individuals it claims to protect.
Insights on The Benevolent Nature of Capitalism
By the “benevolent nature of capitalism,” I mean the fact that it promotes human life and well-being and does so for everyone.
End Emergency Tariffs
Trade policy, with all its consequences, belongs within the limits Congress established, not at the discretion of one officeholder.
The Great Gold Reset: Why This Isn’t 1979 All Over Again
Throughout modern history, the story of gold has unfolded in cycles — crises, recoveries, and rediscoveries. But what’s happening now is not just another rally driven by inflation fears or a nostalgic nod to the 1970s. It’s the beginning of a structural reset — one...
Will Trump’s “State Capitalism … a Hybrid Between Socialism and Capitalism” Make America Great Again?
To be clear, Trump is not pursuing traditional socialism, where the means of production are owned by the state. Nor is he trying to copy exactly China’s state capitalism—but he is applying its methods with what the Journal calls “American characteristics.”
“A Gaslit Asset Class”
Even Bitcoin’s mysterious creator, Satoshi Nakamoto, knew of Bitcoin’s shortcomings.
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