Economics

What makes the science of economics necessary and important is the fact that while human life and well-being depend on the production of wealth, and the production of wealth depends on the division of labor, the division of labor does not exist or function automatically.

Passengers aren’t willing to pay for it.

Carl Menger’s Free Market Advice to an Austrian Crown Prince

A Three-Pronged Blunder, or, what Money is, and what it isn’t.

Socialism is the abolition of rational economy. There is only groping in the dark.

In the cloud-cuckoo lands of socialist fancy, roast pigeons will fly into the mouths of the comrades,with no realistic explanation of how this miracle is to take place.

Why are there still wild blueberries in the fields held in common?

“As soon as one gives up the conception of a freely established monetary price for goods of a higher order, rational production becomes completely impossible.” – Ludwig Von Mises

Man’s nature makes him need wealth; his simplest percep­tions make him desire it; the problem, they held, is to produce it. Economic theory, therefore, could take for granted the desire to consume, and focus on the ways and means by which production might be increased.

To use Keynesian terms, employment in the United States is not suffering from an “aggregate demand” failure. There are plenty of job openings; it is a failure of a good number of employable people not being interested in filling the slots employers would like to fill. Why?

Keynes used the “technique of obscure arguments followed by clear and triumphant conclusions.”

Though the Communist Manifesto, even in its own time, failed completely as an economic guidebook, it did succeed thoroughly in instilling class hatred. This hatred, unfortunately, has been its most permanent contribution.

Mariana Mazzucato’s and Joe Biden’s political missions and big economic central plans require all of us to give up our own individual and personal plans to be straightjacketed into their compulsory designs for us.

Menger’s Distinct Approach to Economic Thinking

One of the innumerable destructive consequences of an almost 250-year-old error in economic theory made by Adam Smith.

President Biden’s “closed shop” labor union agenda would rob all those working for a living the liberty and latitude to do so freely and of their own choosing.

There are few works in the history of economics that may be truly considered “revolutionary” and “path-breaking,” in its starting premises, its logic, and its implications. But one that is in this category is Carl Menger’s Grundsätze der Volkswirtschaftsliche, his Principles of Economics in its English translation, which marks this year the 150th anniversary of its publication in 1871.  

What about the benefits and costs of dealing with the COVID-19 pandemic?

There isn’t much room for diversity and dissent, however, when everything is decided politically. Mass customization and diversity are commercial society’s virtues. Mass regimentation and uniformity are political society’s vices. The stark contrast is clear in the proximity between Halloween and Election Day.

The nearly universal opinion expressed these days is that the economic crisis of recent years marks the end of capitalism. Capitalism allegedly has failed, has proven itself incapable of solving economic problems, and so mankind has no alternative, if it is to survive, than to make the transition to a planned economy, to socialism.

The work furnished by the Government was done at the expense of labour, paid for by the tax-payer.