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
In 1936, in his General Theory of Employment, Interest and Money, Lord Keynes unfortunately elevated this method--the emergency measures of the period between 1929 and 1933--to a principle, to a fundamental system of policy. And he justified it by saying, in effect:...
The aftereffects of antitrust have always been anti-producer, anti-consumer, and anti-progress. Ayn Rand rightly asserted that, “The Antitrust laws—an unenforceable, uncompliable, unjudicable mess of contradictions—have for decades kept American businessmen under a silent, growing reign of terror.”
If inflation is bad and if people realize it, why has it become almost a way of life in all countries? Even some of the richest countries suffer from this disease. The United States today is certainly the richest country in the world, with the highest standard of...
Farm subsidies are a way the government achieves artificially high prices. They are an illustration of legal minimum prices—that is, prices below which the government prevents the producers from selling.
Eleven professional golfers, including Phil Mickelson, have filed an anti-trust lawsuit against the Professional Golf Association (PGA).
The government may think that inflation--as a method of raising funds--is better than taxation, which is always unpopular and difficult. In many rich and great nations, legislators have often discussed, for months and months, the various forms of new taxes that were...
If Canada’s relatively “free” banking system was so stable, why did the Canadian government establish the Bank of Canada in 1935? And why did it establish a Canadian Deposit Insurance Corporation (CDIC) some three decades later?
The operation of the tendency toward a uniform rate of profit requires that high profits be made by continuously introducing productive innovations in advance of competitors.
Three common accusations against capitalism are that it is exploitation, it is cronyism, and it destroys the planet.
End the “Lottery Life” in housing and watch market entrepreneurs do the rest.
How the profit motive acts to make production steadily increase in a free market, and becomes an agent of continuous economic progress.
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 thing as a...
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?”
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