A series of essays based on portions of Objective Economics: How Ayn Rand’s Philosophy Changes Everything About Economics by Northrup Buechner. In my previous posting on this subject, I noted that both the proponents and opponents of the law of supply and demand...
There is a great threat to medical care in America from a small group of our fellow citizens. They are not the top one percent of the wealthy, but a group of elitists and their allies who see government power as the means to determine what every American is allowed to...
Obama, Gingrich, Perry -- they all hate capitalism, but they sure like the loot it gives them to be the career politicians they are. Where would career politicians be without capitalism? Don’t kid yourselves. The liberal-statist agenda is to raise taxes on the...
Politicians like Mitt Romney and Barack Obama insist that there should be middle class tax cuts. Obama goes further and insists that these tax cuts be paid for by "the rich" (those making over $250,000 a year, his definition). The truth is that everyone is equally...
An excerpt from Objective Economics: How Ayn Rand’s Philosophy Changes Everything About Economics by Northrup Buechner. Here is the fundamental problem of economics: Every consumer good that you buy reaches you through the cooperation of literally...
In her famous novel Atlas Shrugged, Ayn Rand identified the absurdity of placing one’s life in the hands of doctors whose lives had been throttled by socialized medicine. Socialized medicine, because of the government monopoly it imposes on both doctors and...
Some people criticize Herman Cain's 9-9-9 plan for the wrong reasons. Advocates of wealth redistribution complain that it raises taxes on the lower and middle working classes. This is true. Many of them will actually have to start paying some taxes rather than none at...
Herman Cain has been gaining much traction with his 9-9-9 Plan, a bold proposal to replace our dysfunctional tax code with what could be a simpler, less invasive, and more economically stimulative alternative. While I don't agree with the full spectrum of Mr. Cain's...
The public standing of economics and economists has been declining for some time. In the 1960s and 1970s, economists were seen, and they saw themselves, as the saviors of the economy. They talked of “fine-tuning” the economy, of changing government...
What we are seeing in Europe is that that model is inherently unsustainable. The concept of individual rights is the only standard for government action that puts an objective limit on what the government can do. The post-war leaders of Europe were completely ignorant...
Objective Economics: How Ayn Rand’s Philosophy Changes Everything About Economics is the product of forty-eight years spent studying Ayn Rand’s philosophy of Objectivism and the science of economics. When I read Atlas Shrugged in 1962, I was stunned...
As the popular philosophy of the common man sees it, human wealth and welfare are the products of the cooperation of two primordial factors: nature and human labor. All the things that enable man to live and to enjoy life are supplied either by nature or by work or by...
Remember when President Obama and his team promised that if only we passed an emergency “stimulus” bill allowing them to wantonly spend $787 billion, unemployment would be capped at 8%? Two years later, having soared as high as 9.8%, July’s unemployment rate stands at...
SEA ISLE, N.J. — I should be worrying about how the politicians are killing the nation financially, but that's on the back burner today because the 25th annual Red, White and Blueberry Festival is right up the road and they're estimating that 10,000 of us will...
The Democratic Party operates on the following assumptions: 1. Social programs such as Medicare and Social Security are entitlements, at least to certain members of the population. They can and must be maintained and expanded at all costs. 2. The best way to finance...
In the conditions of a labor shortage, which necessarily materializes if wage rates go below the point corresponding to full employment, the payment of higher wages provides exactly the same benefit to employers.
This theory of profit/interest has major implications for the understanding of capital accumulation, the determination of real wages and the general standard of living, taxation, inflation/deflation, and the business cycle. It also provides the basis for the overthrow of virtually all aspects of Keynesianism and its system of national income accounting, along with an equally fundamental and thorough refutation of Marxism and the exploitation theory.
Q: In your article, “Economics Doesn’t Explain the Housing Market Collapse,” I think you are being a little naive in thinking the housing collapse was caused by a sense of entitlement. This was calculated economic warfare against the middle class, an...
Economist Peter Schiff writes: "How has the [housing] market found the strength to stop its descent? No one is making the case that fundamentals have improved. Instead, there is widespread agreement that government intervention stopped the free fall. The home...
The key to avoiding “busts” is to avoid the credit expansion and “booms” that cause them.
With job creation in the private sector basically dead and a growing number of jobless workers ceasing to even look for work any longer, the number of people officially counted as part of the U.S. labor force shrank by 652,000 in June. That was more than double...
My pro-free-market program for economic recovery is a provisional 100-percent-paper-money-reserve system applied to checking deposits, accompanied by a demonstrable commitment to ultimately achieving a 100-percent-gold reserve system.
The financial crisis is, fundamentally, a moral crisis. To end the crisis, we must acknowledge that government intervention caused it, and we must demand that the government begin removing its coercive hands from the economy. With an eye to the short term, we must demand that it scale back the powers of the GSEs, the Federal Reserve, and the FDIC; and with an eye to the long term, we must demand that the government abolish these agencies entirely and restore a gold standard run by private, currency-issuing banks subject solely to the objective commercial and bankruptcy codes.
As Employment Increases in Response to a Fall in Wage Rates, the Rate of Profit Rises, Not Falls
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