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.
Why is it that things like bread and water which have high use values are cheap while on the other hand luxury items like diamonds are very expensive? This paradox was not solved until it became understood that people choose only a marginal unit - this loaf or this diamond.
International trade routes revealed comparative advantages of the different shippers, whether New England or British. Merchants dealt with shippers with whom they had a history. Knowing market conditions was easier for local merchants. Crews were paid less in their home ports.
The thought mechanisms that lead some people to like (or, as economists say, have preference for) gambling are of no more economic interest than the reasons why some people like going to soccer games while others like to stay at home. Answering such questions may be a job for psychologists, but it is not one for economists.
"Bastiat knew what most educated people never learn, that the source of all injustice in society stems from violations of freedom."
The unseen effect that is missing in his "Broken Window" analysis is the diversion of time and energy from a community-enhancing endeavor (the unseen) to one of restoration (the seen).
A money-substitute can be embodied either in a banknote or in a demand deposit with a bank subject to check (”checkbook money” or depos
The task of the theory of money consists merely in dealing with that component in the valuation of money which is conditioned by its function as a
The notion of a neutral money is no less contradictory than that of a money of stable purchasing power.
