[R]elative shares in national income have remained substantially constant over the last hundred years. This, however, is true only if we measure them in money. Measured in real terms, relative shares have substantially changed in favor of the lower income groups. This...
capitalism
Capitalism Civilizes
"Participation in capitalist markets and bourgeois virtues has civilized the world. It has 'civilized' the world in more than one of the word's root senses, that is, making it 'citified,' from the mere increase in a rich population. It has too, I claim, as many...
TGIF: Socialist Confusion
Recent polls indicate that many people under 30 view socialism and communism favorably. (For Marx, those words were synonyms.) It seems that socialism and communism are "in." What's going on? A self-described "democratic socialist," Zohran Mamdani, won the Democratic...
TGIF: What Is Capitalism?
So, what is capitalism? The answer will depend on who's being asked. Language, like markets, basic law, and customs, is a spontaneous order. No one plans it. Words drift in their meaning in ways that probably can’t be fully explained. Language is a tool that people...
Bryan Caplan and Me
I sat down recently for a chat with my old friend Bryan Caplan.
TGIF: “Liberalism and Capitalism”
Ludwig von Mises's 1927 path-breaking work in political theory speaks to the current generations. In section 5 of his introduction to Liberalism: The Classical Tradition, Mises sounds impeccably relevant in describing how the opponents of liberalism and the market...
TGIF: Efficient Bureaucracy?
With all the talk about government efficiency, it would be useful to remind ourselves why bureaucracies differ radically from for-profit businesses. Ludwig von Mises devoted a short but enlightening volume to this subject in 1944, Bureaucracy. Elon Musk and Vivek...
TGIF: Capitalist Exploitation or Interest?
The completely just proposition that the worker is to receive the entire value of his product can be reasonably interpreted to mean either that he is to receive the full present value of his product now or that he is to get the entire future value in the future. But...
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Creative Chaos: Inside the CIA’s Covert War to Topple the Syrian Government
The National Debt and You: What it Is, How it Works, and Why it Matters
Provoked: How Washington Started the New Cold War with Russia and the Catastrophe in Ukraine
Over and over, U.S. government officials and their mainstream media allies called Russia’s 2022 invasion of Ukraine an “unprovoked attack.” The slogan became so overused that people began to ask the obvious question: Why do they protest so much? In Provoked: How...