It is capitalism and the competitive market process that generates solutions to the knowledge problems of the society, including the “informational asymmetry” that naturally follows from any developed social system of division of labor.
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
Wages War
Many high employment “countries such as Iceland, Norway, Sweden and Switzerland” have no minimum wage laws.
Congress Seeks To Boost Teen Joblessness By Increasing The Minimum Wage
A mandatory minimum wage rate, to the extent it’s set above the market-clearing wage rate, causes unemployment.
Laffer Gets Laughable
If we can’t kill it entirely, we should be thinking about ways to make the Fed less political, not more.
Protectionists in Plunderland
If we Americans are indeed made better off the greater are foreigners’ demands for our exports, how are we made worse off by foreigners’ economic success given that such success invariably increases their demands for our exports?
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.
U.S. Constitution Gives the Trade Power to Congress Alone
Republicans must join with Democrats to end Trump’s tariff authority. They should repeal these “emergency” laws that allow the president to unilaterally impose new taxes on Americans, in defiance of the intent of the framers of the Constitution.
Rational Selfishness and the Great Wealth Creator
People are most often confused by executives who seem to share attributes of both the inflated and the genuine egoist
Donald Trump: America’s Economic Commissar of Trade
Besides making Americans poorer than they otherwise need to be due to Trump’s tariff wars, the president has arrogantly used executive authority to arbitrarily impose higher import taxes (or their threat) at his own discretion and whim.
No Need To Cut Down Amazon, Apple, Google and Facebook To Size
It is not Amazon, Google, Apple, Facebook, and others that need to be “cut down to size,” as they cannot coerce us to buy their products and use their services.
The Financial Crisis: Lessons Not Learned
The financial crisis of 2008-9 — accompanied by the Great Recession was caused by government intervention, mainly in mortgage finance and the housing sector.
How Ayn Rand’s Philosophy of Objectivism Can Rescue Hayek’s Economics
In economics Hayek is a radical; but in philosophy, unlike Ayn Rand, Hayek is a conservative.
“Hipster Antitrust”: The Assault on Google, Facebook, Apple and Amazon
Hipster antitrust taken to its logical extreme involves the government using its power over firms to make them do whatever politicians feel like.
Is Capitalism Worth Saving? The Economic Argument for Capitalism
Any social system must coordinate production and cooperation, and must also implement a system of distribution that participants perceive as sustainable, which often means morally fair. As Nobelist Elinor Ostrom demonstrated, there are many and widely varied social...
Paid Family Leave Mandated By Government
Can’t we just leave government out of it and let employers and employees work this out to meet individual needs?
AOC Returns to the Scene of the Minimum Wage Crime
Does a government-mandated minimum wage help or hurt the very workers and job seekers that Ocasio-Cortez wants to help?
‘Buy American’ is un-American
A patriotic American acts as a capitalist and an individualist: he buys the best, wherever it may be found.
As the U.S. Government Grows, American Prosperity Slows
Economic growth has been faster when the federal government has been smaller (relative to GDP) – and vice versa.
What Makes Money Trustworthy?
I don’t trust politicians, generally, but I especially don’t trust them with money. Since the U.S. went off the gold standard, the dollar has lost 80 percent of its value.
Trump’s China Blunder
By mistaking the real nature of international trade, the costs of tariffs, the effects of currency movements, and the supposed ease with which the United States could quickly re-establish itself as a low-cost manufacturer, Trump risks shredding the safety nets that have undergirded the U.S. economy for decades and plunging us into a war we are ill-equipped to fight.
Trump’s ‘Infrastructure’ Plan Versus Obama’s ‘Stimulus’: Part II
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”
Trump Tariffs are a Tax on the American People
Tariffs are paid directly from American businesses to the government’s coffers.
Defending Capitalism: Ayn Rand vs. Hayek
Ayn Rand publicly recommended the works of Mises but not of Hayek. Today, when Hayek is much better known than Mises, it's worth seeing why. I came to the full realization of what's wrong with Hayek's approach while re-reading Atlas Shrugged. No, not in Galt's speech,...
The Three Economic Elements About Capitalism
Those three elements are (a) division of labor; (b) impersonal exchange based on prices; and (3) economies of scale based on knowledge.
Roads Are Not Public Goods
Some creative rethinking can put us on the road to a better tomorrow.
Living Wage Is as Wrongheaded as the Minimum Wage
After all the studies and the near-unanimous opinion of economists — and even after the negative real-world effect of the minimum wage — it still remains popular.
Federal Reserve System is Socialism
Central banking is a form of central planning. The Federal Reserve has a legal monopoly over the monetary system of the United States.
The Production of Money Isn’t (Necessarily) the Production of Wealth
The creation of money doesn’t create wealth, unless money itself is wealth — as it was when it was gold and silver.
Capitalism and How Expectations Coordinate Markets
Open, competitive markets have a resilient capacity to successfully coordinate the actions of, now, billions of people around the world. With an amazing adaptability to changing circumstances, the actions and reactions of multitudes of suppliers and demanders are...
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.
If $15 Minimum Wage Is Such a Good Idea, Why Did AOC’s Bar Close Down?
Its co-owner, Charles Milite, cited as the primary reason the city’s minimum wage law.
The Global Economy Needs Freedom for Peace and Prosperity
At the end of the day, the balance of payments always balances.
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