We often here the term “market failure” or “a failure in the market” when an adversity strikes the economy. It is used to decry how markets can’t actually function on their own without the government stepping in and doing something to “fix” the problem or regulate a specific sector. The term is used so often…
Back in the 1960’s Economist and Historian, Murray N. Rothbard worked as a reviewer for the William Volker Fund, a conservative and libertarian organization that gave grants to academics for the furtherance of conservative and free market ideas. His job, primarily, was to read and review articles, periodicals and books on political science and economics.…
As we can all remember on that fatal day on June 28th of 2012, when Obamacare passed the Supreme Court on a 5 to 4 decision. The socialist left repeated the mantra ad nauseum, “Elections have consequences!” We remember hearing that same axiom previously when both Sotomayor and Kagan were confirmed. Even Lindsey Graham, the…
I have created an animated interview where Congressman Ron Paul explains how the economy really works…. Workers and Wages Workers and Wages Part 2 Workers and Wages Part 3 Workers and Wages Part 4 Workers and Wages Part 5 The dialouge was taken from a paper Ludwig von Mises published in 1958 called, “Wages,…
I don’t do this often, but I have posted a transcript from a talk given in 2009 by Economist George Riesman of Pepperdine Universtity. It was so clear and concise that my notes only lead me having to write the speech out in it’s entirety. So rather than doing that, I thought it better to…
In an earlier article, “Economic Ignorance“, we discussed the importance of profits and the incentives to gain those profits. At the end of the article I eluded to the failure of socialism. This article will go into some depth of why socialism is a failure. Flesh and Blood We must first begin with the understanding…
It doesn’t require a PhD in economics to understand the importance of profits. Unfortunately, these delegates don’t seem to grasp this elementary point. To understand what is known as “the profit motive” is to understand human action. People are by nature prone to leisure. That is, people forgo work when it isn’t necessary to achieve…
The Blue Collar Economist 