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Oil Boom and Government Glut

Wednesday, April 1st, 2015 by posted in Capitalism, Environment, Regulation.
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Reprinted from the Freeman It’s a sweet thing when Uncle Sam becomes a mega-buyer of your product. While the price of oil continues to plunge to record lows, drivers are celebrating, and oil executives are sweating it out. But never

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Fossil Fuels Will Save the World (Really)

Monday, March 30th, 2015 by posted in Capitalism, Economics, Environment.
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Reprinted from the Wall Street Journal The environmental movement has advanced three arguments in recent years for giving up fossil fuels: (1) that we will soon run out of them anyway; (2) that alternative sources of energy will price them

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Are Markets Myopic?

Friday, March 27th, 2015 by posted in Capitalism, Economics.
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Reprinted from the Freeman We often hear that individual investors are myopic. They make decisions based on a relatively short time horizon, so forget about the long run. That’s why we need government officials to step in with regulations, as

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How and How Not to Desocialize

Wednesday, March 25th, 2015 by posted in Capitalism, Economics, Politics, Regulation.
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Reprinted from Mises.org Introduction It is generally acknowledged that bureaucrats are obstructing the process, but confusion abounds among free-market proponents themselves. Matters are scarcely helped by the fact that Western economists, to whom the former Eastern bloc is looking for

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How the Education System Destroys Social Networks

Wednesday, March 25th, 2015 by posted in Capitalism, Education.
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Reprinted from the Freeman I was at a restaurant for lunch and had time to visit with the waitress, who turns out to be a college graduate from a good institution. She has a degree in European languages. Here she

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Household Debt Soars in Canada, “Stability” at Risk

Tuesday, March 24th, 2015 by posted in Banking, Capitalism, Economics.
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Reprinted from Zero Hedge Debt by Canadian households is a special phenomenon. Statistics Canada reported today that in the fourth quarter, household debt set another breath-taking record. Earlier this month, even Equifax Canada, which is in the business of facilitating

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Decline of the Rule of Law

Friday, March 20th, 2015 by posted in Capitalism, Economics, Law.
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Reprinted from The Freeman Political wisdom, dearly bought by the bitter experience of generations, is often lost through the gradual change in the meaning of the words which express its maxims.  Though the phrases themselves may continue to receive lip service,

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Who Protects the Consumer?

Thursday, March 19th, 2015 by posted in Capitalism, Economics.
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Reprinted from Mises.org Consumers are sometimes asked to pay too much for goods. This has been true since the beginning of time. Their great protection against overcharging has been competition. The intelligent shopper can compare price and quality, and go

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World’s Oldest Central Bank Asks Paul Krugman To Shut Up

Tuesday, March 17th, 2015 by posted in Banking, Capitalism, Economics.
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Reported from Zero Hedge About a year ago, everyone’s favorite easy money advocate Paul Krugman accused the world’s oldest central bank of turning Sweden into Japan by adopting a policy of “sadomonetarism.” The Riksbank, Krugman claimed, unnecessarily transformed itself from

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Fundamental Insights Into the Benevolent Nature of Capitalism Part 2

Tuesday, March 17th, 2015 by posted in Capitalism, Economics.
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This essay was originally presented as a speech at the Ludwig von Mises Institute on October 19, 2002, under the title “Some Fundamental Insights into the Benevolent Nature of Capitalism.” It appears as the lead essay in my Amazon.com collection

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Fundamental Insights Into the Benevolent Nature of Capitalism Part 1

Monday, March 16th, 2015 by posted in Capitalism, Economics.
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This essay was originally presented as a speech at the Ludwig von Mises Institute on October 19, 2002, under the title “Some Fundamental Insights into the Benevolent Nature of Capitalism.” It appears as the lead essay in my Amazon.com collection

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Cyclical Unemployment Part 2

Friday, March 13th, 2015 by posted in Capitalism, Economics.
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Reprinted from the Freeman The Austrian View Austrian economists see eye to eye about the cyclical movements of economic activity. They agree that employment moves strongly with the basic changes in activity but typically is slower than other features of

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Cyclical Unemployment Part 1

Thursday, March 12th, 2015 by posted in Capitalism, Economics.
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Reprinted from the Freeman In the final analysis, government is solely responsible for the business cycle and the unemployment that results. Employment is an essential source of happiness and enjoyment. No man, properly occupied, can be miserable for long. To

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Net Neutrality: Triumph of the Ruling Class

Wednesday, March 11th, 2015 by posted in Capitalism, Politics, Regulation.
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Reprinted from Liberty.me A triumph of “free expression and democratic principles”? How stupid do they think we are? It’s been painful to watch the gradual tightening of government control in the name of net neutrality. The Federal Communications Commission’s decision

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A good lesson from Greece in the difference between private and public finance

Tuesday, March 10th, 2015 by posted in Banking, Capitalism, Economics, Politics.

From today’s Open Europe news summary (my emphasis): Greece to start technical talks with creditors tomorrow amid criticism that too much time is being wasted Eurozone finance ministers agreed yesterday that officials from the Greek government and the EU/IMF/ECB Troika

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How not to win friends!

Monday, March 9th, 2015 by posted in Capitalism, Economics, Foreign Policy, Politics, Socialism.

From today’s Open Europe news summary: Greek Defence Minister: We’ll flood Europe with refugees if Greece is ‘hit’ by Germany; Speaking at a meeting of Independent Greek MPs yesterday, party leader and Greek Defence Minister Panos Kammenos argued that “If

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Unemployment Benefits: The Government Gets What It Pays For

Monday, March 9th, 2015 by posted in Capitalism, Economics.
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Reprinted from the Freeman Just about everyone agrees that incentives affect behavior, but economists really mean it. That’s because economists take the logic of incentives further than most other people are willing to. Such analysis often reveals that government policies

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Since When Is Honduras a Libertarian Paradise?!

Friday, March 6th, 2015 by posted in Capitalism.
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It’s probably a good sign that the attacks on libertarianism are getting even more ridiculous. A recent Salon piece by Edwin Lyngar claims that his recent trip to Honduras proves that the principles espoused by people like Ayn Rand and

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Time for Some Mattress Padding

Thursday, March 5th, 2015 by posted in Banking, Capitalism, Economics.
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Can you imagine borrowing $1000 from the bank and receiving $10 per year interest from the bank? I didn’t think so. However, this is the happy situation facing some European countries and even a few Swiss companies. The Swiss, Swedish, and Danish governments

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Consumers’ Sovereignty and Natural vs. Contrived Scarcities

Tuesday, March 3rd, 2015 by posted in Capitalism, Economics.
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Reprinted from The Daily Bell One of the great myths about the capitalist system is the presumption that businessmen make profits at the expense of the consumers and workers in society. Nothing could be further from the truth. In the

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