Economics

The widespread establishment of partial gold clauses is an essential step in the protection of the buying power of creditors. It would also be a major step on the path toward the establishment of sound money.

Credit expansion boosts profits more than does simple inflation because the reduction in interest rates it brings about serves to increase the time lag between the making of expenditures for capital goods and labor and their subsequent appearance as costs in business income statements.

Repeal minimum-wage legislation, pro-union legislation, and licensing legislation. That is what will help to eliminate poverty.

The increase in the savings of the economic system as a whole must take the form of an increase in its capital assets, such as business plant, equipment, and inventories.

As more multinational corporations move into a poorer country, the people there not only get additional economic opportunities, they acquire skills and job experience that raise their productivity and earnings potential, even if that outrages the economically illiterate in Hollywood.

Environmentalism thus stands a very strong chance of ultimately reverting to the more traditional socialism of massive government construction and engineering projects.

The principal obstacle in the way of saving and capital accumulation and thus the rise in real wages is government welfare-state spending.

Growing budget deficits are part of the explanation of profits rising relative to wages.

There are two fundamental views of economic life which give rise to two systems of economic thought.

The mythical economic claims of beneficial aspects of hurricane destruction.

A discussion of a few popular sentiments that have high emotional worth but make little economic sense.

What’s called the market is simply a collection of millions upon millions of independent decision makers not only in America but around the world.

Economic theory is broadly applicable. However, a society’s property-rights structure influences how the theory will manifest itself.

The fact that sellers charge people different prices for what often appear to be similar products is related to a concept known as elasticity of demand,

Relative price is one price in terms of another price.

The cost of having or doing something is what had to be given up.

Specialization is said to occur when people produce more of a commodity than they consume or plan to consume.

There are four classes of behavior that can be called economic behavior. They are: production, consumption, exchange and specialization.

Economic theory can’t answer normative questions.

The first lesson in economic theory is that we live in a world of scarcity.