Economics

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]

The Liberal Assault on the Poor, Part 2

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Part 1 | Part 2 When it comes to economic policy, liberals suffer from two major weaknesses. One, they believe that all that matters with respect to policy are good intentions. As long as liberals mean well, they think that the policies they implement, especially with respect to the poor, are justified. Two, they have a woeful lack of understanding of ... [click for more]

How a Rich and Proud Nation Went Broke

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Amidst a multitrillion dollar spending spree, President Obama apparently believes it’s inconceivable that a mighty nation such as the United States could go broke. Yet France, once the most powerful nation in Europe, went broke and was plunged into a revolution that consumed the king and queen. Germany was bankrupted by reparations following World War I as well as the ... [click for more]

A Lesson in the (Re)distribution of Wealth

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Through the company where I worked more than 35 years ago, I had an opportunity to meet an unusual man. I had not seen him since, but his recent obituary caught my eye. His name was Wayne Field, a name I’m sure few, if any, of you will recognize. In his 87 years he accomplished a great deal. He founded ... [click for more]

Keynes and the Assault on Savings, Part 2

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Part 1 | Part 2 The reason, I believe, that Keynes’s anti-saving, consume-more philosophy is politically popular is simple: Consumption is immediate and usually enjoyable. Saving requires self-discipline and patience. Also, the philosophy is remarkably bi-partisan. It fits in with the ideas of a massive and ever-growing welfare/warfare state. This ... [click for more]
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