During his recent presidential campaign, Donald Trump has repeatedly floated the idea of eliminating personal income taxes and replacing them with tariffs on imports. The proposal, which was never developed in a detailed and coherent plan, was met with hostility by mainstream media and analysts.

Not long ago, Black Friday epitomized consumer frenzy. Crowds trampled one another at store entrances, shelves emptied in minutes, and shoppers battled over discounted goods with an intensity critics often likened to greed, desperation, and degradation. These chaotic scenes became a prime target for critics of capitalism, who accused the system of reducing human dignity to unchecked materialism.

For most commentators, a “stable price level” is the key for economic stability. For instance, let us say that there is a relative increase in consumer demand for potatoes versus tomatoes. This relative increase is depicted, all things being equal, by the relative increase in the price of potatoes. To be successful, businesses must pay attention to consumer demand. Failing to do so is likely to lead to losses. Hence, by paying attention to relative changes in prices, producers are likely to increase the production of potatoes versus tomatoes.

Ryan McMaken makes a convincing case on Mises Wire for abolishing the Department of Homeland Security (DHS). But DHS is not the only executive branch cabinet department that has been occasionally mentioned as a candidate for elimination. 

Dr. Gary Schlarbaum, one of our generous supporters, has again offered to match donations received through December 9. That means your $10 donation becomes $20, your $25 donation becomes $50, and so on. For the last ten years, Gary has kickstarted our year-end campaign with his matching gift. He’s ready to match your gift today!