Profits are never normal. They appear only where there is a maladjustment, a divergence between actual production and production as it should be in order to utilize the available material and mental resources for the best possible satisfaction of the wishes of the public. They are the prize of those who remove this maladjustment; they disappear as soon as the maladjustment is entirely removed. In the imaginary construction of an evenly rotating economy there are no profits.

Last week, Congress passed a budget calling for increasing federal spending and adding $1.7 trillion to the national debt over the next ten years. Most so-called “fiscal conservatives” voted for this big-spending budget because it allows Congress to repeal some parts of Obamacare via “reconciliation.” As important as it is to repeal Obamacare, it does not justify increasing spending and debt.

In my last post, I made light of British columnist George Monbiot’s absurd charge that today’s free market economists and libertarians are part of an establishment crony capitalist system. A “progressive” friend of mine responded by asking: “Doesn’t big business wrap itself in the mantle of free markets? If so, aren’t exponents of free markets supporting crony capitalism? Aren’t they therefore responsible for the crony capitalist practices that beset us today?

From the perspective of the state, one of the benefits of growing larger geographically is that bigness makes it more difficult for residents to emigrate or cross over borders to escape taxes. 

The Senate began working through President-elect Trump’s cabinet appointments this week, as Washington prepares for next week’s inauguration (which will cost taxpayers over $100 million.) One of the pressing concerns worrying libertarians is Senator Jeff Session’s view on the war on drugs, which has been one of the most successful areas for states’ rights in recent years.