Broken promises
The Fifth Amendment of the United States Constitution:
Harry Elmer Barnes, RIP
Murray Rothbard writes:
Better stay in Bali, boys, it’s cold up here!
As Northern Hemisphere snow cover exceeds the 10-year seasonal average, another backlash against the Carbocollectivists’ claims of consensus has been compiled, featuring more than 400 scientists, not all of whom, surely, can be secretly working for Exxon.
Bastiat, Hazlitt, and the unseen v. the feds
As a means to try to ease chronic nationwide air travel delays, the feds are going to reduce the number of flights in and out of New York City during peak travel times. That’s certainly one way to reduce delays, similar to Lenin and Stalin reducing food shortages by implementing mass starvation. But, I digress.
Profits in a Market Economy
When a firm’s revenue is greater than its costs, that firm earns a profit. When a firm’s costs are greater than its revenue, that firm suffers a loss. Fair enough. But what do profits and losses mean? Are they the product of blind chance? What useful information can possibly be contained in profits and losses?
Contrary to public opinion, profits do not embody “exploitation” of laborers or customers. Profits embody information in the form of a lucrative reward for the entrepreneur or capitalist who is able to combine labor, capital goods, and other inputs in such a way as to produce an output that consumers value more highly than they value the inputs in another configuration.
David Frum on the Gold Standard
David Frum is on the warpath. In a National Review Online blog post, then an NPR commentary, and most recently in a National Post article, Frum has mercilessly ridiculed the gold standard.
“Remember, Remember, the Fifth of November!”
The true story behind that record breaking day as told by the originator of the idea and creator of the first youtube video to promote it, James Sugra:
Mises and Austrian Economics: A Personal View, by Ron Paul
David Frum: I’m Smarter Than Ron Paul
Ron Paul “is best known for his vehemently isolationist foreign policy views,” says David Frum, an adviser to another presidential candidate.
