Mere work — that is, effort not guided by a rational plan and not aided by the employment of tools and intermediary products — brings about very little for the improvement of the worker's condition. Such work is not a specifically human device. It is what man has in common with all other animals.
This spontaneous social order dissolves into chaos every so often: when a city cop decides to enforce state order over social order.
The Brazilian government is not the legitimate owner of the forest area that it declares to be under its domain.
Austrian coordination does not represent a destructive struggle between entrepreneur and consumer. Instead, it is a theory of progress.
If the free market does in fact move toward full employment, the entire Keynesian "general theory" falls apart.
In this wonderful debate, we find the whole of the theoretical apparatus of the anti-IP case presented with precision and eloquence.
Financial success in some broad or narrow market niche has no deeper philosophical significance; in itself, it is no further sign of excellence or virtue. Market success does not prove that the tastes catered to, the goods and services provided, or the providers themselves are admirable.
A credit default is not unprecedented. One occurred as early as 1777 and another as late as 1979.
If Congress passed legislation that systematically reduced the debt ceiling over time, the economy could be rebuilt on a solid foundation. Entrepreneurs in the productive sectors would realize that an ever-increasing proportion of resources (land, labor, and capital) would be at their disposal.
