Economics

The Addled Theories of John Maynard Keynes

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Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts by Hunter Lewis (Axios Press, 2010); 384 pages. In the wake of the bursting of the housing bubble and the resulting financial collapse, many politicians and high-profile economists (such as Nobel winner and New York Times columnist Paul Krugman) have missed no opportunity to push ... [click for more]

Federal Make-Work Jobs Betray Teenagers

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Politicians now pretend that government spending can solve any and all ills. Sloshing out federal funds for local summer job programs exemplifies this delusion. Uncle Sam first began bank-rolling summer jobs for urban teens in 1964. It was decided that government should hire any low-income teen who couldn’t find a job on his own. Soon, with the usual bureaucratic imperialism, ... [click for more]

Immigration Socialism versus Freedom and the Free Market

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Let me begin by making a very simple, direct point: There is one — and only one — solution to the so-called immigration crisis: freedom and free markets. Every other measure, including the recently enacted immigration law in Arizona, will accomplish nothing more than continue the “crisis” and actually exacerbate it. After all, how many times have we been here ... [click for more]

Liberalism Is the Enemy of the Poor

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I was a liberal back in my late 20s. I was practicing law in my hometown of Laredo, Texas, where I was serving on the board of trustees for the local Legal Aid Society, a government agency that provided free legal services for the poor. I also served as the local representative for the ACLU. I believed that government’s ... [click for more]

Capitalism and the Free Market, Part 1

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Part 1 | Part 2 Writing in the Guardian last January under the headline “Caribbean Communism v. Capitalism,” respected journalist Stephen Kinzer began his article like this (http://tinyurl.com/y8wfrxb): Visiting unhappy Cuba is especially thought-provoking for anyone familiar with its unhappy neighbours. Cubans live difficult lives and have much to complain about. So do Jamaicans, Dominicans, Haitians, Guatemalans, Hondurans, Salvadorans, and ... [click for more]

Why Do Daily Kos and Alternet Support a Racist Program?

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With the possible exception of the war on drugs and public (i.e., government) schools, it would be difficult to find a government program that is more damaging to inner-city poor people, especially blacks, than the minimum wage. Yet, liberals, who have longed claimed to love the poor, needy, and disadvantaged, especially racial minorities, continue to steadfastly support this vicious ... [click for more]

Economic Ignorance and Liberal Hypocrisy at Dailykos.com

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A liberal named John Sumner, who goes by the pseudonym Devilstower, has weighed into the debate originally inspired by my article “Liberal Delusions about Freedom.” Sumner’s article, “What Conservatives Mean When They Say ‘Libertarian’,” which appeared yesterday on the liberal website Dailykos.com, reveals a lot about the liberal mindset as well as the ... [click for more]

The Disaster of Government-Run Businesses, Part 2

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Part 1 | Part 2 In the 1870s, the Japanese had many government-run businesses — among them, mining, shipbuilding, railways, and silk production. According to economic historians Johannes Hirschmeier and Tsunehiko Yui, they “were a heavy burden on government finance, and on the whole were running in the red.” The government couldn’t even make money with silk production, something ... [click for more]

John Maynard Keynes, Defunct Economist

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John Maynard Keynes, who rose to prominence in the 1930s, wrote, “The ideas of economists and political philosophers ... are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men ... are usually the slaves of some defunct economist. Madmen in authority ... are usually distilling their frenzy from some academic scribbler of ... [click for more]

The Political Economy of Health Care

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Trouble begins the moment health care becomes a matter of government spending. From then on, unless the policy is reversed, society is on the road to state intervention in peoples most personal decisions. Its easy to see why. If government starts picking up the tab for some peoples medical services, those people will not face the full costs of those ... [click for more]
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