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Labor and WagesCalculation and KnowledgeCapital and Interest TheoryProduction Theory
The goods created by automation—and the labor freed up by it—become inputs for industries downstream.
Money and BankingProduction Theory
Regardless of how knowledgeable we are and regardless of various technological ideas, without an expanding pool of real savings, expansion in economic growth is not going to emerge.
Money and BanksOther Schools of ThoughtProduction Theory
Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."
Joe Biden thinks a centrally planned supply chain for healthcare supplies is necessary, because "We can no longer leave this to the private sector." There are many reasons why this is so very wrong.
SocialismCapital and Interest TheoryProduction Theory
Marx’s theory of exploitation forms the foundation of all his work. But Marx couldn't tell the difference between profit and surplus, exposing the incoherence of his theory.
An individual’s demand is constrained by his production of goods. The more goods an individual produces, the more of other goods he can secure for himself.
Booms and BustsMonetary PolicyProduction Theory
If policymakers finally let a real economic "correction" and recession happen, it means the economy will finally turn toward doing what the consumers actually want.
Capitalists, acting as intermediaries between present production and future consumption, are the key players in every capitalistic economy.
To succeed, entrepreneurs must demonstrate superior foresight and judgment, and practice continuous dynamic improvement in their assembly and reassembly of assets to serve the consumer.
Taxes and SpendingWar and Foreign PolicyPolitical TheoryProduction Theory
The economic nationalist faces a dilemma. Foreign aid handouts and economic protectionism are not only wholly compatible in theory, but the effects of foreign aid perfectly complement economic nationalists’ goals.