Economics

Keynes and the Assault on Savings, Part 2

by
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]

Failure Leads to Success in the Public Sector

by
We are playing out the latest chapter in the crisis and leviathan model in the financial-services business. It is a model in which public-sector failure leads to bigger government. It leads to success for socialists who want the government to expand into every aspect of our economy but dont want to overtly call for nationalization ... [click for more]

A New Stimulus? Washington Never Learns

by
In Washington, the rule is: If a little poison doesn’t cure the patient, give him more. This rule is being applied not only to health care, where massive doses of government intervention are being prescribed to treat the toxicity of past government intervention. It’s also being used in the attempt to end ... [click for more]

Economic Stimulus Nonsense

by
When times are great — maybe especially when times are great — most people don’t think about economics. At least, if there’s any thinking going on at all, it’s not exactly clear-headed thinking. But when times take a turn for the worse, people forget about making any kind of sense at all. It would be far better if they ... [click for more]

The Unemployment Racket

by
Americans have many options when it comes to insurance. They can freely get health insurance, life insurance, cancer insurance, dental insurance, disability insurance, homeowners’ insurance, renters’ insurance, parcel-shipping insurance, et cetera. Although auto insurance is required by state laws, it is still obtained from a private insurance company of one’s choosing. One can even get insurance at the blackjack ... [click for more]

Bipartisan “Stimulus” Hypocrisy

by
The cynicism and shallowness of politics were abundantly displayed throughout the debate over the “stimulus” bill. The Obama administration and its allies in Congress see themselves as champions of democracy, yet the process by which the bill was rammed through Congress flouted the democratic spirit. The final bill was nearly ... [click for more]

The Fallacies of Another New Deal, Part 3

by
Part 1 | Part 2 | Part 3 Historians want us to believe that Franklin Roosevelt had nothing to do with causing the massive unemployment and World War II that came in the wake of the Great Depression. Instead, they tell us that Roosevelt simply did the best he could with the hand which he was dealt. No doubt, ... [click for more]

The Fallacy of Equal Pay for Equal Work

by
We’ve all heard the phrase “equal pay for equal work.” Many of those who habitually repeat this mantra may not realize that it is simply a variation of the discredited labor theory of value (LTV), which is generally associated with Marxian economics. According to the LTV, the value of a product is related to the labor needed ... [click for more]

The Justice of Pay Discrimination

by
Recently the upstairs toilet in my house backed up. Unable to budge the clog, my wife called a plumber, who replaced both the seal and some of the inner workings of the toilet. Let’s say, just for the sake of this example, that the plumber charged us $200 for the repair. Now suppose the next day the downstairs toilet had needed ... [click for more]
Page 12 of 20« First...1011121314...20...Last »