Interventionism

Popular rhetoric notwithstanding, government cannot be run like a business.

The observers today most reminiscent of our forefathers are the armies of tea partiers and bloggers, incensed that Main Street has gotten the shaft, first from the evils of hyperextended credit, and doubly now that modern solutions may prolong the madness.

The myth of the Great Depression being caused by laissez-faire capitalism — and being solved by either the New Deal, World War II, or both — is so prevalent that in popular-opinion surveys, Franklin Delano Roosevelt routinely appears in the top five of all US presidents, while the name of Herbert Hoover has become synonymous with government inaction during an economic crisis.

Rather than plunging the taxpayers even deeper into debt, the government would do well to cut its own spending and return resources to private hands. Only then can true economic recovery begin.

The scholars, writers, and philosophers of a society have to be good or there is really little hope.

"So it is quite likely that in a free-market economy the threat of bankruptcy will bring to a minimum the practice of fractional-reserve banking."

Every government intervention creates new problems in the course of vain attempts to solve the old.

The false belief that unions exercising the threat of strikes upon employers improve the welfare of labor is analyzed thoroughly and the conclusion is obvious.

The efficient-markets hypothesis is actually a tautology, or a way of viewing the world.

But ignorance cannot account for Keynes's claim that he was the first economist to try to explain unemployment or to transcend the assumption that money is a mere veil exerting no important influence on the business cycle or the economy.