The nearly universal opinion expressed these days is that the economic crisis of recent years marks the end of capitalism. Capitalism allegedly has failed, has proven itself incapable of solving economic problems, and so mankind has no alternative, if it is to survive, than to make the transition to a planned economy, to socialism.
Antitrust legislation is an example of the government’s improper use of political power.
Biking around the woods, I noticed something strange. There are two campgrounds near my house. One is full. Lots of people pitch tents or park trailers at a place called Maurice’s. A short bike ride away is a much bigger campground that’s almost entirely empty. Why?
What Professor Mazzucato calls for is better labeled a fascist-style command economy rather than some asserted form of modified capitalism.
The work furnished by the Government was done at the expense of labour, paid for by the tax-payer.
Much is hoped from the future prosperity of Algeria; be it so. But the drain to which France is being subjected ought not to be kept entirely out of sight.
On the myth that “it is the superfluity of the rich which makes bread for the poor.”
It is an injustice to the tax-payers, who are made to pay a debt which is no concern of theirs.
“A curse on machines! Every year, their increasing power devotes millions of workmen to pauperism, by depriving them of work, and therefore of wages and bread. A curse on machines!”
Some persons consider that plunder is perfectly justifiable, if only sanctioned by law.
They would gladly suppress the capitalist, the banker, the speculator, the projector, the merchant, and the trader, accusing them of interposing between production and consumption, to extort from both, without giving either anything in return.
The State opens a road, builds a palace, straightens a street, cuts a canal; and so gives work to certain workmen — this is what is seen: but it deprives certain other workmen of work, and this is what is not seen.
If they take one direction, it is only because they have been diverted from another.
It is nonsense to say that the Government officer will spend these hundred sous to the great profit of national labour; the thief would do the same; and so would James B., if he had not been stopped on the road by the extra-legal parasite, nor by the lawful sponger.
Keynesian Economics has continued to dominate and hold sway over the way the vast majority of economists think about and analyze the nature of economy-wide fluctuations in employment and output.
You do not see that to dismiss a hundred thousand soldiers is not to do away with a million of money, but to return it to the tax-payers.
What would become of the glass makers, if nobody ever broke windows?
Trump is a classic mercantilist. A mercantilist favors exporters over importers and the use of government tariffs to promote (or “protect”) less efficient, but politically favored “national champion” companies against their foreign competitors.
The 1933-37 recovery fell far short of reversing the collapse the U.S. economy suffered between 1929 and 1933, and that this disappointing outcome was the result of New Deal policies aimed at boosting wage rates. The resulting higher wage rates prevented the revival of spending from sponsoring a corresponding revival of employment.
The key to getting wealthy in a capitalistic society is to produce something so valuable that millions of people want to trade for it. This is the source of all great historical fortunes.
The causes of the gold inflow that fueled the post-1933 recovery, and especially the part played by FDR’s decision to devalue the dollar.
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.
To anyone who understands the role of the productivity of labor in raising real wages, it should be obvious that the unions’ policy of combating the rise in the productivity of labor renders them in fact a leading enemy of the rise in real wages.
During the opening days of March, 1933, the U.S. economy resembled a stricken body slowly bleeding out, its organs failing one by one. The Federal Reserve System was hemorrhaging gold, and entire state banking systems were shutting down one after another. I
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