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
When people talk of a “price level,” they have in mind the image of a level of a liquid which goes up or down according to the increase or decrease in its quantity, but which, like a liquid in a tank, always rises evenly. But with prices, there is no such...
If the supply of caviar were as plentiful as the supply of potatoes, the price of caviar–that is, the exchange ratio between caviar and money or caviar and other commodities-would change considerably. In that case, one could obtain caviar at a much smaller...
Nuisance is highly contextual. An action that constitutes a nuisance in one context may not be a nuisance in another context.
The real advocates of the consumers—their virtual agents—are businessmen seeking profit, not the leaders of groups trying to restrict the freedom of businessmen to earn profits.
Economic power is founded on voluntary trade. Political power is founded on physical force.
In total opposition to the misguided efforts of the Marxists to contrast production for profit with “production for use,” the fact is that production for profit is production for use.
The idea that there is a third system — between socialism and capitalism, as its supporters say — a system as far away from socialism as it is from capitalism but that retains the advantages and avoids the disadvantages of each — is pure nonsense.
We may not always like the alternatives that we face, but choosing between unattractive alternatives isn’t force.
On the one hand, housing advocates and public officials decry the state’s housing shortage. On the other hand, they continue to advocate for more controls and restrictions to be piled onto the shoulders of housing producers.
The uniformity-of-profit principle explains how the activities of all the separate business enterprises are harmoniously coordinated so that capital is not invested excessively in the production of some items while leaving the production of other items unprovided for.
The Progressive framework relegates the individual to second-class status. The collective reigns supreme.
The best way to begin to understand the functioning of the price system, and thus the full nature of the dependence of the division of labor on capitalism, is by understanding the following very simple and fundamental principle. Namely, there is a tendency in a free market toward the establishment of a uniform rate of profit on capital invested in all the different branches of industry.
Analyzing interventionism during the First World War in Germany and England.
Laffer pours ice cold water on Amy Klobuchar’s plans for a “hot antitrust summer.”
More than 60 percent of retail gas stations are establishments singularly owned by a family or an individual. And while the number has undoubtedly changed over the last decade, 2013 Census data reported that 61 percent of those stations are owned by immigrants.
“In many cases rent control appears to be the most efficient technique presently known to destroy a city — except for bombing.”
Let us consider one example of interventionism, very popular in many countries and tried again and again by many governments, especially in times of inflation. I refer to price control. Governments usually resort to price control when they have inflated the money...
Bitcoin Volatility is a Feature, Not a Bug.
When bonds and stocks decline a lot and simultaneously it suggests inflation is rising rapidly even as the economy is stagnating or contracting (or will soon do so). For most economists today, that combination is near-impossible.
four ways in which the lives of those of us in the modern, capitalist world differ categorically from the lives of almost everyone until just a few centuries ago.
Eighty years ago, in the midst of the Second World War, Austrian-born economist Joseph A. Schumpeter published one of his most famous books, Capitalism, Socialism, and Democracy (1942). A central question that he asked and tried to answer was, “Can Capitalism Survive?”
A famous, very often quoted phrase says: “That government is best, which governs least.” I do not believe this to be a correct description of the functions of a good government. Government ought to do all the things for which it is needed and for which it...
The fact is that economic calculation, and therefore all technological planning, is possible only if there are money prices, not only for consumer goods but also for the factors of production.
Ludwig Von Mises’s devastating critique of why a socialist economic system must always be inferior to capitalism.
We’ve reached the end of the road and found that the people who must ultimately pay for unlimited government are us. And whether through taxes or inflation, pay we will.
The development of all the institutional features of capitalism is well illustrated by the economic history of the United States.
The socialist system, however, forbids this fundamental freedom to choose one’s own career. Under socialist conditions, there is only one economic authority, and it has the right to determine all matters concerning production. One of the characteristic features of our...
Economic progress is the leading manifestation of yet another major institutional feature of capitalism: the harmony of the rational self-interests of all men, in which the success of each promotes the well-being of all.
In a capitalist society, there is continuous mobility—poor people becoming rich and the descendants of those rich people losing their wealth and becoming poor.
It is no exaggeration to say I have learned more about the science of economics from George Reisman than from all other economists combined.
The idea of government as a paternal authority, as a guardian for everybody, is the idea of those who favor socialism.
The existence of freedom under laissez-faire capitalism requires the existence of government.
Latest pro-Capitalism goodness sent weekly to your email box.
No spam. Unsubscribe anytime.