Economics

We Can’t Consume Our Way to Prosperity

Once upon a time, John Stuart Mill could write these words truthfully ("Of the Influence of Consumption on Production," 1844): It is no longer supposed that you benefit the producer by taking his money, provided you give it to him again in exchange for his goods. He...

Anyone Can Be a Capitalist, part 2

"It might be argued that only the 'rich' can afford to be capitalists, i.e., those who have a greater amount of money stock. This argument has superficial plausibility, since ... for any given individual and a given time-preference schedule, a greater money stock will...

Anyone Can Be a Capitalist, part 1

"[A]ny man can be a capitalist if only he wants to be. He can derive his funds solely from the fruits of previous capitalist investment or from past 'hoarded' cash balances or solely from his income as a laborer or a landowner. He can, of course, derive his funds from...

TGIF: On Fairness

TGIF: On Fairness

Fairness and its synonyms are among the most abused words in English. By that I mean they are commonly manipulated for ideological ends. Wokeness has aggravated a situation that has existed for some time. What better way to score points for a political position than...

Economics and Everyday Life, 2

"[E]conomic relations constitute a machinery by which men devote their energies to the immediate accomplishment of each other's purposes in order to secure the ultimate accomplishment of their own, irrespective of what those purposes of their own may be, and therefore...

Economics and Everyday Life

"[T]he general principles which regulate our conduct in business are identical with those which regulate our deliberations, our selections between alternatives, and our decisions, in all other branches of life. And this is why we not only may, but must, take our...

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