Category Archives: economics

The Unknown Rebel, Tiananmen Square, & the Twenty-Ninth Year Anniversary of a Socialist Massacre

Tank Man — or the “Unknown Rebel,” as he’s sometimes called: so small and yet so large. That photo is of course from Tiananmen Square, twenty-nine years ago today, June 4th, when the entire world watched an anonymous Chinese man stand alone in front of advancing tanks, not backing down in the face of socialist…

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Anarchism, Egalitarianism, Gresham’s Law, & the Fundamental Flaw of Socialism

The fundamental flaw in every variation of socialism — and this includes the watered-down versions we enjoy today (i.e. progressivism or welfare statism) — is the idea that human survival is or should be guaranteed. Therefore, says the theory, it follows that the legitimate function of government is to ensure everyone’s survival. This is achieved…

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Creative Destruction

Did you know that America prospered for 140 years without a Federal Reserve or a National Income Tax, both of which are barely 100 years old, though now they’re so thoroughly entrenched, as is social security, medicare and medicaid, all of which are even younger, that the overwhelming majority of American people can’t imagine life…

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Obama And the White House Reject Costly Ozone Regulations

But what about “the environment”? Economics are meaningless compared to Mother Earth, aren’t they? And anyway, there’s no connection between wealth and clean, healthy environments. Well, the enviro-friendly White House seems to be rethinking that edict, as is usually the case whenever the rubber meets the road: White House Rejects Controversial Ozone Regs President Barack…

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The Left-Winger’s Big, Big Problem

It is the insurmountable flaw in all leftist philosophy, the insoluble contradiction, the problem that cannot be overcome: No matter what form that leftist philosophy takes — whether it be progressive, egalitarian, democratic-socialist, welfare-statist, communistic, or any other name those of this mindset wish to call it — in order to redistribute wealth, there must…

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Steve Wynn — Wynn Resort CEO — Goes On Epic Anti-Obama Rant

And he unloads with good reason. Steve Wynn, by the way, is no consistent capitalist, as he himself as much as says when he announces his support for that dingy quack Harry Reid. And yet Steve Wynn is on the money here: I believe in Las Vegas. I think its best days are ahead of…

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Obama Versus Technology: ATM’s Responsible For Unemployment

It is, to say the least of it, a very horrifying thing indeed that someone in this position of power actually believes an economic canard of this caliber — a canard that’s been bunked a billion times, and which, in fact, is so easily debunked — and yet it’s even more horrifying to realize that…

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Calling The Obama Bluff

Just recently, Barack Obama said, for the five or sixth hundredth time in the last year and a half: “The worst thing we could do is to go back to the very same policies that created this mess in the first place.” He was referring of course to the profligate policies instituted under George W.…

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Barack Obama Stands By His “Recovery Summer” Platitude

“I don’t,” said Barack Obama, when asked this morning if he regrets labeling the past three months of economic catastrophe a Recovery Summer. Bill Clinton’s Labor Secretary Robert Reich does not, however, agree: Doug Powers speculates that the following photos help explain Barack Obama’s inexplicable label: (Hat tip HotAirPundit)

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Fisherman Gathered At Martha’s Vineyard Are Outraged Over Obama’s Job-Destroying Policies

From a Providence newspaper, local fishermen are infuriated over the Obama administration’s junk science catch limits: “All these politicians scream about is jobs, jobs, jobs. Why are they putting us out of business?” Another local fishermen took out the following full-page ad in the Martha’s Vineyard Gazette: EDGARTOWN, Massachusetts – Aug 24, 2010 – The…

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A Brief History of Economic Thought — By Jim Cox

Jim Cox is one of my favorite living economists. His slim but pregnant book — The Concise Guide To Economics — is a miniature masterpiece. The following comes from Chapter 37: The Spanish Scholastics of 14th through 17th century Spain had produced a body of thought largely similar to our modern understanding of economics. The…

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The Multiplier Theory

In the Concise Guide To Economics, author and economist Jim Cox correctly explains that the Multiplier is one of the major components of Keynesian policy. For those who still don’t know it, Keynesian economics — named after John Maynard Keynes — are the economics that Barack Obama, as well as George W. Bush (et al),…

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The Green Jobs Racket Exposed (Again)

Here’s an economic axiom which we’ve discussed here before, but which in this day and age is always worth repeating: If something is economically tenable, it never ever needs to be subsidized. The latest concretization of this fact comes from none other than the state-run Associated Press: After a year of crippling delays, President Barack…

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Myths About Markets

There are approximately twenty million myths about markets and market capitalism, one of the most common being this: Markets don’t work well (or are inefficient) when there are negative or positive “externalities.” Here’s how Tom Palmer, philosopher and economist, bunks that canard: The mere existence of an externality is no argument for having the state…

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Political Theory: Theory of Government

Political theory is the theory of government. It is a sub-branch of ethics, and economics, in turn, is a sub-branch of politics. Ethics — the science of human action — precedes politics because politics is the science of human action in societies, and societies are composed only of individuals. For this reason, the individual has…

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