Right
< Economics
< Social Science
< Achedemics
< nobody115
Get flash to fully experience Pearltrees
An Interview with the “Rosa Parks of Monetary Liberty,” Bernard von NotHaus I'd like to invite you, Dear Reader, to participate in a brief thought experiment with me. Read the following statement, then shutter your vision for a moment and imagine in your mind's eye what this scene and the person described therein would have looked like. Statement: I just completed an interview with a known terrorist.
“The moral justification of capitalism does not lie in the altruist claim that it represents the best way to achieve ‘the common good.’ It is true that capitalism does—if that catch-phrase has any meaning—but this is merely a secondary consequence. The moral justification of capitalism lies in the fact that it is the only system consonant with man’s rational nature, that it protects man’s survival qua man, and that its ruling principle is: justice .” — AYN RAND
Reuters By now, we've all gotten used to the fights on Capitol Hill about extending unemployment benefits. Each time they're about to expire, Democrats line up to renew them. Meanwhile, at least a few Republicans rise up to object. Their argument: By writing checks to the jobless, we're making it less likely that they'll go out and find work. This strikes many of us as ludicrous.
The eclipse of Keynesian economics proceeds. When Keynes wrote “The General Theory of Employment, Interest and Money” in the mid-1930s, governments in most wealthy nations were relatively small and their debts modest. Deficit spending and pump priming were plausible responses to economic slumps. Now, huge governments are often saddled with massive debts. Standard Keynesian remedies for downturns — spend more and tax less — presume the willingness of bond markets to finance the resulting deficits at reasonable interest rates. If markets refuse, Keynesian policies won’t work.