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…
There are times when a thought just won’t leave your mind. I try to blog on issues that are relevant. Some issues are current and others have happened in the past. In this article I would like to set things straight about the federal government’s position on eminent domain. The nagging thought entered my mind…
As the coastal areas of the United States prepares for hurricane Isaac, I expect to read more stories claiming the ungodly practice of “price gouging”. That is, the practice of greedy businessmen taking advantage of people in times of crisis by raising prices on essentials as bottled water, food, gasoline, hotel rooms and so on.…
Some months ago, I was involved in a discussion on Facebook with an Austrian economist (who I respect very much), and some of his followers. The discussion was about squatters on the west coast who were occupying foreclosed and bank owned homes. The economist asked the question about squatter’s rights and actual ownership of real…
There has been much controversy and upheaval since SCOTUS announced it’s 5-4 decision on the individual mandate regarding Obamacare. Many have gone so far as to call Chief Justice Roberts a “traitor” or a “turncoat” etc. as he was the deciding opinion in the decision. Even those who supported Obamacare aren’t so sure they like…
The Blue Collar Economist 