Of all of the articles I have written, this one has pained me the most to write. In it, I will have to site and at times defend John Maynard Keynes, not his “General Theory”, but another paper he wrote in 1930 titled, “Economic Prospect of our Grandchildren“. If you haven’t read it, please read…
A simple internet search about the vanishing middle class in America would yield literally thousands of articles about the topic. Not to mention Elizabeth Warren’s infamous book. Left-leaning Russia Today talk show host, Thom Hartmann has also chimed in by postulating that the middle class isn’t normal. He opines that society needs to make…
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…
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…
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.…
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 