The fundamental flaw in Professor DeLong’s view, as in John Maynard Keynes’ 1936 book is the idea that there exists a macro-economy the two sides of which are composed of aggregate demand and aggregate supply.
Economics
What a Dictator Does to an Economy
It is not for the president or any politician or regulator to issue dictates telling individuals or businesses where and what and how much to invest, much less what to say
Football Stadium Subsidies: A Bad Deal for Taxpayers?
Football is popular enough to thrive without politicians subsidizing it.
Introduction to Ludwig Von Mises’ Economic Policy
A felicitous introduction to Mises’ ideas.
Profits Are Progressive
Is profit a dirty word? Would the world be better off without them?
Jean-Baptiste Say, Ayn Rand, and Objective Economics, Part 2 of 2
When grounded on the right foundations Richard Salsman shows why economics is an objective science.
Jean-Baptiste Say, Ayn Rand, and Objective Economics, Part 1 of 2
When grounded on the right foundations Richard Salsman shows why economics is an objective science.
The Bad Economics of Short-Run Policies
The Best Short and Long Run Policy: Limited Government
Free Markets vs. Democratic Socialism
Democracy and freedom are frequently heralded as being synonyms. An important question, however, is, What do these concepts mean, and are they in fact synonymous?
The Myth that Central Banks Assure Economic Stability
What is the fundamental issue is: monetary central planning – with its embarrassingly awful one hundred year track record with paper monies – or getting government’s direct or indirect hand off the handle of the monetary printing press.
The Unintended Consequences of The Minimum Wage
But behind all of these negative and usually unintended consequences arising from the imposing of a government-enforced hourly minimum wage remains the fundamental ethical issue: who shall have the right to decide under what terms and conditions people enter into gainful employment?
Trump’s Protectionist Tariffs Threaten a Trade War
The illogical trade policies of President Trump not only threaten to make Americans poorer, but could start a global trade war that could lead to decreasing standards of living for hundreds of millions of people around the globe.
Capitalism and “Public Goods” Like National Defense
The competitive market economy is a powerful institutional mechanism for bringing human ingenuity, energy and creativity to bear to improve both the material and cultural circumstances of multitudes of people around the world. Wherever relatively free market...
Capitalism and Free-Market Competition
According to the critics of capitalism, competition is a cruel process feeding unnecessary wants, that evolves into anti-competitive monopolies acting contrary to the “public interest.”
Capitalism and Monopolies
Harmful monopolies are always created by government.
A “Right Side” to History? The Failure of Marx’s Predictions About Capitalism, Part 2
Those who speak about being on the “right side of history” have, knowingly or not, adopted a central element in Karl Marx’s analysis of capitalism
A “Right Side” to History? The Failure of Marx’s Predictions About Capitalism, Part 1
One of the most common phrases to be heard from those on “the left” is the assertion that someone or some public policy is or is not on “the right side of history.”
Altruist Morality Equals Bad Economics
If we embraced the moral code of rational egoism, we would solve all of today’s economic problems … and reach unprecedented human prosperity and flourishing
Karl Marx’s Ideas and Errors About Capitalism and Communism, Part Two
The task is not to be on some mythical “right side of history,” but to make history reflect the triumph and success of the idea and ideals of human liberty.
Karl Marx’s Ideas and Errors About Capitalism and Markets, Part One
Marx saw himself as the sociological and economic analyst of the capitalist epoch through which he was living.
Economic Ideas: Frédéric Bastiat on the Law of Liberty and Free Markets
Almost 170 years have passed since Frédéric Bastiat’s death, but there are few writers on economic topics that remain as readable or relevant to the issues of our own day.
Political Planning Requires Coercion; Market Planning Requires Cooperation
The essential element in government planning is the threat or use of force to make all the others in society conform to political planner’s purposes and intentions.
What Is a Government Worker Worth Without a Free Market?
Where are you more likely to earn a better salaried income, in the private sector or working for the government?
The Socialist Fallacy That Capitalism Creates Harmful Monopolies
The narrative of ‘the monopolist jacking up prices to exploit its customers’ only applies to government-granted monopolies, such as the postal service or many utilities.
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