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.
Why all this fierce competition, all this innovation, all this frantic code work to create the perfect digital world?
You always remember books that change your mind, because these books are so few and far between.
Here we see the huge gulf between Austrian and Keynesian analysis.
The high duties which the war caused to be imposed, at first regarded as temporary, were retained, increased, and systematized.
It is simply impossible for one immersed in the political game to think normally. If we accept as normal the thought processes of those who make a living in the marketplace, then the tergiversations of the political mind must be considered abnormal or "crooked."
What is the opportunity cost of the government's spending? All those resources used for the shuttle program had to come from somewhere. It is impossible for a government to make the vital calculations of costs and benefits.
