In the course of lengthy arguing against hidden usury in various forms of contracts, the brilliant mind of San Bernardino stumbles, for one of the first times in history, upon what later would be called 'time-preference'.
Alexander Gray (1882–1968) is my favorite historian of economic thought.
From the market point of view the Fed is a bankrupt institution.
Whether you are trying to understand the problem of growing governmental power yourself or are trying to communicate it to others, On Power can be heartily recommended as a stimulating and profound tract.
Socialism means dictatorship, necessarily survives as dictatorship, and no centrally produced accounting ratios will change that fact. As such, competition is literally impossible under socialism, and this cannot be changed by the introduction of centrally administered accounting ratios.
I am making the simple observation that even if the US government "did nothing" according to the man on the street, it still would have been interfering very heavily in the situation in Haiti. The Haitians have been "enjoying" the help of the US military for years, which is partly why they were so ill equipped to deal with a powerful earthquake.
But prosperity can't be printed. Government edicts won't magically make us better off. Their fatal conceit will only lead us to disaster.
The way to bring the blessings of laissez-faire to the Polish people is first to secure it for ourselves. The enemies of free enterprise and private-property rights here in America are immeasurably benefitted when those who favor the free market are too busy worrying about the "tiger at the gate" to wonder at the absence of freedom right here.
"From the Austrian perspective, if some form of collaborative activity is involved in the creation of literature, it is still always collaboration among individuals, whereas in the Marxist view collaboration is typically understood in collectivist terms."
Therefore, whether it is disproportionally hurting African-American teen workers with minimum-wage laws or further endangering already-endangered species, the state is no match for market mechanisms. It remains a slave to unforeseen consequences.
