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Biden’s Immigration Crisis

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The immigration crisis taking place at the U.S.-Mexico border confirms three points that I have been making for many years. The first point is that no matter who is elected president and no matter what new policies are adopted to resolve America’s decades-old immigration crisis, it won’t do any good. That’s because America’s system of immigration controls is an inherently defective system. That’s because it is based on the concept of “central planning,” a socialist concept that involves government planning of immigration. Central planning is an inherently defective system. Just ask anyone who lived in the Soviet Union or anyone who lives in Venezuela, Nicaragua, North Korea, or Cuba today. There is no way that a central planner can effectively plan the movements of millions of people, especially in the context of supply of and demand for labor in a complex labor market. The result ...

The Banality of Evil on Sanctions

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The banality of evil within the mainstream press when it comes to actions carried out by the U.S. national-security establishment never ceases to amaze me. The latest example appears in the New York Times in an investigative piece that absolutely stunned me. The piece consists of a video that details an extensive investigation into a ship that was suspected of violating the system of economic sanctions that the U.S. government and the UN have imposed on North Korea. The video was put together by what the Times calls its “Visual Investigative Team.” The video, according to the Times, “examines the maze of connections behind secret oil deliveries to North Korea, in defiance of international sanctions.” There are five staff members who were assigned this task. They say that they “spent months reviewing ship-tracking data, corporate records and satellite imagery to uncover one way North Korea evades strict international sanctions.” They didn’t say how ...

Carl Menger’s Theory of Institutions and Market Processes

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This year marks the 150th anniversary of a radical change in the way economists came to understand the logic of human decision-making and the formation of prices in society. There occurred what is often referred to as the “marginalist revolution” in place of the classical economists’ notion of a “labor theory of value,” which was generally accepted from the time of Adam Smith. In 1871, there appeared two books, Carl Menger’s (1840-1921) Grundsätze der Volkswirtschaftsliche, (or, Principles of Economics as it was translated into English), and William Stanley Jevons’ (1835-1882), Theory of Political Economy. This was followed shortly after by Leon Walras’ (1834-1910) Elements of Pure Economics in 1874. Menger, Jevons, and Walras each made their contribution independent of even knowing about the others’ existence. Yet, the focus, very often, has been on the common elements to be found in their respective expositions. The Classical Economists on the Market Process All three of ...