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.
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Ayn Rand, Ludwig Von Mises & Capitalism: An Interview With George Reisman
It is no exaggeration to say I have learned more about the science of economics from George Reisman than from all other economists combined.
Socialism: Freedom vs. Slavery (1 of 4)
The idea of government as a paternal authority, as a guardian for everybody, is the idea of those who favor socialism.
Capitalism and Freedom Require Government
The existence of freedom under laissez-faire capitalism requires the existence of government.
Capitalism: Capital and Wages (3 of 3)
The capitalist system was termed “capitalism” not by a friend of the system, but by an individual who considered it to be the worst of all historical systems, the greatest evil that had ever befallen mankind. That man was Karl Marx.
The Philosophical Foundations of Capitalism
The greatest era of capitalist development—the last two centuries—has taken place under the ongoing cultural influence of the philosophy of the Enlightenment.
Capitalism: Opposition from the Intellectuals (2 of 3)
In spite of all its benefits, capitalism has been furiously attacked and criticized. It is necessary that we understand the origin of this antipathy.
Capitalism: The Nature and Importance of Economics
Economics belongs alongside mathematics, natural science, history, philosophy, and the humanities as an integral part of a liberal education.
Capitalism: Mass Production and the Standard of Living (1 of 3)
The mere fact that you are living today is proof that capitalism has succeeded, whether or not you consider your own life very valuable.
Capitalism: Economics, the Division of Labor, and the Survival of Material Civilization
What makes the science of economics necessary and important is the fact that while human life and well-being depend on the production of wealth, and the production of wealth depends on the division of labor, the division of labor does not exist or function automatically.
Twitter Board’s “Poison Pill” Against Elon Musk Shortchanges Twitter Shareholders
Poison pills are more likely a defense of bad management than a defense of stockholders rights. They undermine the market for corporate control and, as a result, the value of stockholders’ investments.
The Ethics of Doing Business in Authoritarian Countries Like Putin’s Russia
It is a mistake to do business in authoritarian countries in the first place due to the political risk it poses.
Why Isn’t Air Travel More Comfortable When It Easily Could Be?
Passengers aren’t willing to pay for it.
Monetary Cancel Culture
Whether the bank sanctions hurt Putin or not, they will have far-reaching effects on many innocent people, and not only in Russia. To understand these effects, consider what happens when a bank account is “frozen.”
New “Stakeholder Capitalism” Means More Statism
How is the new stakeholderism different? Unlike the old stakeholderism, it is mandatory.
The Poetry of Work
“Poetry of work” is worth pursuing. It gives us purpose—and it gives us happiness.
How Government Regulation Makes Housing Unafforable
For a 1,000 square foot apartment—smaller than many cities allow without expensive variance permit processes—a developer would need to charge at least $2,750 per month just to break even.
Big Tech Firms Like Facebook, Amazon, and Google Are Not Monopolies
Meta (Facebook), Amazon, Apple, Alphabet (Google), and other Big Tech companies are not monopolies. They have achieved their dominance through competition. Success through competition is a part of competition.
Money From Nothing, Part 2
Those dollar bills in your pocket came from bank deposits, created out of thin air.
Money From Nothing
How does money come into existence today?
Americans Oppose Amy Klobuchar’s Assault on Big Tech
The American Innovation and Choice Online Act would erode the consumer welfare standard and move our antitrust model closer to those seen in communist China and parts of Europe.
Top 1% of U.S. Earners Hold an Unprecedented Portion of the Wealth
There’s nothing unfair about wealth disparity in a free market, but the economic divide caused by QE is a gross injustice.
Unmasking Inflation, Part 2
Is consumer price inflation transitory or persistent?
Is a Society without Money Possible or Desirable?
Those who advocate a world without money advocate an impossible fantasy where nobody would be incentivized to work and rights would be violated as a matter of course.
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