Preface

I have divided the present volume into two parts: a first, of five chapters, containing a statement at large of my own views on the relation of capital to wages, and on the wages fund doctrine; and a second, of nine further chapters, in which the history of the wages fund discussion from its beginning to the present time is followed. At the close, a final chapter gives a brief summary of both parts. In this arrangement I have departed from the traditional plan, and perhaps from the strictly logical plan.

Wages and Capital

Introduction

This book, written in 1892–1895 and published in 1896, has long been out of print. The London School of Economics (University of London) now honors me by undertaking a reprint in its series of scarce books and monographs.

The Government’s War on Affordable Housing

In the current political climate, we hear again and again that the key to lessening the prevalence and effects of poverty is to raise nominal incomes. We hear it repeatedly in calls for a “living wage” and calls for a minimum wage. It is further promoted in debates over a “minimum basic income,” Social Security, and other types of taxpayer-funded social benefits.

Historically, however, the poor themselves understood that the most effective way to reduce poverty was to reduce the cost of living, and thus to increase real wages.

James Champlin: An Early Advocate for Free Trade

[This article was adapted from a talk delivered at the 2016 Austrian Economics Research Conference at the Mises Institute.]

Although most economists today generally see the benefits of free trade, such is not the case in the political realm. Leftists who are beholden to labor unions, for example, support protectionist measures to keep the votes coming from their their largest constituencies. Meanwhile, Conservatives are a mixed bag, and the “best” conservatives are often the worst when it comes to free trade.

Rockwell on Rothbard

This talk, delivered by Lew Rockwell at a memorial service for Murray Rothbard, gives a great perspective on Rothbard’s life, work, influence, courage, and personality. Especially fascinating is Rockwell’s account of Rothbard’s willingness to defy political boundaries and work with both Left and Right — causing each to believe fervently that he was in the other camp!

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