Jean-Baptiste is certainly best known for his famous Law of Markets (la loi des débouchés) also referred to as Say’s Law. Though Say’s Law is one of the key points of the classical school of economics, the manner in which this obvious proposition has been distorted and misinterpreted in a significant number of economic textbooks as well as in lectures of certified professors of economics is simply perplexing.
There was a time when we had no viable means to get crocodile and antelope meat, and you could forget about a Yakburger. Now there’s exoticmeats.com
A New York Times article “From a Rapt Audience, a Call to Cool the Hype“ reveals that numerous scientists are calling on Al Gore to stop making “exaggerated and erroneous” scientific predictions about global warming c
The Bank of Japan’s zero interest rate policy since early 2001 has created an incentive to borrow in Japan at close to zero interest rates, and employ the borrowed money to buy high yielding assets such as US 10-year Treasury Notes.
In the twentieth century, wrote Murray Rothbard, the most influential economist was John Maynard Keynes, who swept the world of economics like an avalanche in 1936 with his General Theory of Employment, Interest, and Money, his teachings quickly becoming a new, entrenched economic orthodoxy. Henry Hazlitt, in this vitally important and desperately needed book, throws down the challenge in a detailed, thoroughgoing refutation. Keynes’s General Theory is here riddled chapter by chapter, line by line, with due account taken of the latest theoretical developments. The complete refutation of a vast network of fallacy can only be accomplished by someone thoroughly grounded in a sound positive theory. Henry Hazlitt has that groundwork.
Social security systems around the developed world are faced with a looming financing crisis. Unfunded pay-as-you-go (PAYGO) schemes are heading towards bankruptcy due to rising longevities, low fertility, and declining labor force participation rates.
Much of this is not accidental. Compulsory PAYGO schemes tend to discourage work in older ages and penalize larger families. Thus they contribute to their own bankruptcy.
According to the NYT: “Despite the military’s ban on all alcoholic beverages [in Iraq and Afghanistan] — and strict Islamic prohibitions against drinking and drug use — liquor is cheap and ever easier to find for soldiers looking to self-medicate the effects of combat stress, depression or the frustrations of extended deployments, said military defense lawyers, commanders and doctors who treat soldiers’ emotional problems....
Issue 20.4 of the Journal of Libertarian Studies brings an especially interdisciplinary range of offerings, including contributions in history, philosophy, economic theory, and film criticism.
From Ron Paul’s historic new book: Noninterventionism is not isolationism. Nonintervention simply means America does not interfere militarily, financially, or covertly in the internal affairs of other nations. It does not mean that we isolate ourselves; on the contrary, our founders advocated open trade, travel, communication, and diplomacy with other nations. Thomas Jefferson summed up the noninterventionist foreign policy position perfectly in his 1801 inaugural address: “Peace, commerce, and honest friendship with all nations — entangling alliances with none.” Washington similarly urged that we must, “Act for ourselves and not for others,” by forming an “American character wholly free of foreign attachments.”
