Economics

Bastiat on the Socialization of Wealth

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That … veil which is spread before the eyes of the ordinary man, which even the attentive observer does not always succeed in casting aside, prevents us from seeing the most marvelous of all social phenomena: real wealth constantly passing from the domain of private property into the communal domain. Wealth marvelously passing from the private to the communal domain? ... [click for more]

Ignoring the Difference between Free markets and State Capitalism

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Capital in the Twenty-First Century by Thomas Piketty, translated by Arthur Goldhammer (Belknap 2014), 696 pages. The basic phenomenon that Thomas Piketty devotes this book to describing is simple: “When the rate of return on capital significantly exceeds the growth rate of the economy..., then it logically follows that inherited wealth grows faster than output and income.” His historical account ... [click for more]

How Profit Benefits the Public

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Portuguese I’ve heard, like you have, about corporate greed. The profit motive, we are told, is evil and causes the little people to be trampled. Formal studies show that people perceive that profit is negatively associated with social value for specific companies and whole industries (example — that “evil” oil industry). This is probably no surprise, ... [click for more]

The Austrian Economist Who Should Have Received the Nobel Prize

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On October 13th, the 2014 Nobel Prize in Economics was announced in Stockholm, Sweden, with French economist, Jean Tirole, the recipient for his work on developing models to better assist governments in regulating private enterprise. A couple of weeks earlier, Reuters news agency had reported that the Austrian School economist, Israel M. Kirzner, was on the short list for ... [click for more]

TGIF: The State Is No Friend of the Worker

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The election season is upon us, and we’re hearing the usual political promises about raising wages. Democrats pledge to raise the minimum wage and assure equal pay for equal work for men and women. Republicans usually oppose those things, but their explanations are typically lame. (“The burden on small business would be increased too much.”) Some Republicans endorse raising ... [click for more]

Celebrating The Work Of Nobel Prize Winning Economist, F.A. Hayek

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Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times. The Nobel committee recognized his contributions, including “pioneering work in the theory of ... [click for more]

How Laws Are Passed, Maintained, and Changed

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Madmen, Intellectuals, and Academic Scribblers: The Economic Engine of Political Change by Wayne A. Leighton and Edward J. Lopez (Stanford Economics and Finance 2013), 209 pages. Have you ever wondered why democracies so often generate public policies that are wasteful and unjust? Have you asked why such policies persist over long periods, even when they are known to ... [click for more]

The Miracle and Morality of the Market

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One of the great fallacies arrogantly believed in by those in political power is the notion that they can know enough to manage and command the lives of everyone in society with better results than if people are left to live their own lives as they freely choose. The fact is, there is far more in the world that successfully ... [click for more]
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