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Production Versus Consumption Part 1

Thursday, May 28th, 2015 by posted in Capitalism, Economics.
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PRODUCTION VERSUS CONSUMPTION This essay originally appeared in the October 1964 issue of The Freeman. An abridged and slightly revised version subsequently appeared in The Objectivist Forum of August 1980. The present, unabridged version incorporates most of the wording changes

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Greece Needs a Magic Formula

Wednesday, May 27th, 2015 by posted in Capitalism, Economics.
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Originally appeared at Forbes.com If your only ambition is to go from terrible to mediocre — to get your country off the international business pages so it can suffer in anonymity — then you can perhaps argue that most things

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A Portrait of the Classical Gold Standard

Tuesday, May 26th, 2015 by posted in Banking, Capitalism, Economics.
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Reprinted from Mises.org “The world that disappeared in 1914 appeared, in retrospect, something like our picture of Paradise,” wrote the economist Cecil Hirsch in his June 1934 review of R.W. Hawtrey’s classic, The Art of Central Banking (1933). Hirsch bemoaned

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Should We Dump the Euro?

Monday, May 25th, 2015 by posted in Banking, Capitalism, Uncategorized.
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The Greek drama continues to unfold with the risk of a “Grexit” becoming increasingly likely. Yet, a large majority of the Greek people want to keep the euro. This would force the Greek government to live within its means, which

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Man’s Greatest Invention. And His Worst.

Thursday, May 21st, 2015 by posted in Capitalism, Economics.
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We normally think of an invention as something we can touch and hold in our hands.  However, an invention can also be a process or a system – a way of doing things.  The greatest of man’s inventions isn’t the

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My letter to the NY Times re: Why laid off American workers can’t find jobs

Re: The Perils of Globalization Dear Sirs: I believe that Binyamin Appelbaum may have unwittingly answered his own question about why American workers who lose their jobs–as illustrated by the former Maytag employees in Galesburg, Illinois–have such a difficult time

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Stones into Bread: The Keynesian Miracle

Tuesday, May 19th, 2015 by posted in Capitalism, Economics.
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[Originally printed in Plain Talk, March 1948, and reprinted in Planning for Freedom]. Reprinted from Mises.org The stock-in-trade of all Socialist authors is the idea that there is potential plenty and that the substitution of socialism for capitalism would make it possible

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Leading German Keynesian Economist Calls For Cash Ban

Sunday, May 17th, 2015 by posted in Banking, Capitalism, Civil Liberties.
printing money

Reprinted from Zerohedge.com It’s official: the world has gone central-planner crazy. Monetary policy, whether in the form of “conventional” methods such as the micromanagement of policy rates or so-called “unconventional” measures such as QE, has proven utterly ineffective when it

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The War on Cash Destroys a Small Entrepreneur

Friday, May 15th, 2015 by posted in Banking, Capitalism, Economics, Regulation.
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Reprinted from LewRockwell.com Lyndon McClellan is a small entrepreneur who owns and operates L & M Convenience Mart in Fairmont, North Carolina.  L & M comprises a gas station, convenience store, and a small restaurant serving hot dogs, hamburgers, and catfish

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“Surviving Or Thriving” – What Canada’s 40% Surge In Meat Prices Means

Thursday, May 14th, 2015 by posted in Capitalism, Economics, Regulation.
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Reprinted from Zerohedge: On the surface, Canada’s 1.2% inflation is negligible, and barely enough to keep up with the pace of overall growth as mandated by a few central bank academics. It is below the surface, however, that one finds

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Canada’s Central Bank is Headed by a Comedian

Wednesday, May 13th, 2015 by posted in Banking, Capitalism, Economics.
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Reprinted from Acting-man.org Yet Another Delusional Bubble Blower Canada is home to one of the most egregious housing and credit bubbles in the world – a legacy of its former central bank governor Mark Carney, who is now blowing a

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Naomi Klein’s Vain Search For The Bullies of Branding

Tuesday, May 12th, 2015 by posted in Capitalism, Economics.
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Reprinted from LewRockwell.com In happier times, Toronto’s garment district was abuzz with Trotskyite debate and the wrangling of trade union leaders, laments Naomi Klein in her book, No Logo: Taking Aim at the Brand Bullies. Now, she says, the district’s

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Unintended Consequences

Monday, May 11th, 2015 by posted in Capitalism, Economics.
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Reprinted from Prices and Markets It is trivial to say that any cardinal number can be added to another to answer the question of “how many” or “how much” of something there is. The trick lies in teasing some relevance

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Earth Day: 22 Ways to Think about the Climate-Change Debate

Friday, May 8th, 2015 by posted in Capitalism, Economics, Environment.
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Reprinted from the Freeman Reasonable people can disagree about the nature and extent of climate change. But no one should sally forth into this hostile territory without reason and reflection. “Some scientists make ‘period, end of story’ claims,” writes biologist

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The “War on Cash” Migrates to Switzerland

Thursday, May 7th, 2015 by posted in Banking, Capitalism.
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Reprinted from Acting-Man.org Banks Increasingly Refuse Cash Withdrawals – Switzerland Joins the Fun The war on cash is proliferating globally. It appears that the private members of the world’s banking cartels are increasingly joining the fun, even if it means

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The problem isn’t overproduction; it’s malinvestment

Tuesday, May 5th, 2015 by posted in Capitalism, Economics, Socialism.

Mr. Max Ehrendfreund, writing in the Washington Post’s Wonkblog, believes that he has discovered something new: that the world is producing too much and doesn’t know what to do with it. His solution, of course, is to confiscate the overproduced

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Apartment hunting in Paris reminds me why I’m a conservative

Friday, May 1st, 2015 by posted in Capitalism, Economics.
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Reprinted from The Week My family and I live in Paris. There are many nice things about Paris, as everyone on the planet knows. Apartment hunting is not one of them. Nevermind the extortionary rents. To rent an apartment, you

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Freedom of Opportunity Not Equality of Opportunity Part 2

Tuesday, April 28th, 2015 by posted in Capitalism, Economics.
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This essay shows that the goal of equality of opportunity is both absurd and vicious. Achieving it would require that children all be raised in the same environment and have the same genetic inheritance. In contrast, the essay shows that

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Freedom of Opportunity Not Equality of Opportunity Part 1

Monday, April 27th, 2015 by posted in Capitalism, Economics.
hopper-small-office-image_teaser

This essay shows that the goal of equality of opportunity is both absurd and vicious. Achieving it would require that children all be raised in the same environment and have the same genetic inheritance. In contrast, the essay shows that

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Drought and the Failure of Big Government in California

Wednesday, April 22nd, 2015 by posted in Capitalism, Environment.
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Reprinted from Mises.org California Governor Jerry Brown has announced that private citizens and small businesses — among others — will have their water usage restricted, monitored, and subject to heavy fines if state agents determine that too much water has

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