While Adam Smith originated the doctrine that profits are a deduction from what is naturally and rightfully wages, Marx carried that doctrine to its ultimate limit, in the claim that the greed of the capitalists drives them to deduct so much from what rightfully belongs to the wage earners that the latter are left only with minimum subsistence.
In his response to my article “ The Anatomy of Deflation ,” Frank Shostak writes: “The problem with this [Reisman’s ] way of thinking is that deflation is presented as an independent destructive force. However, deflation doesn’t have a life of its own - it is always dependent on prior monetary inflation. Consequently, it is not possible to reach
India’s Poor Bet Precious Sums on Private Schools (New York Times): “In this democracy of more than one billion people, an educational revolution is under way, its telltale signs the small children everywhere in uniforms and ties. From slums to villages, the march to private education, once reserved for the elite, is on.”
From the website of Barack Obama: • Immediately Provide Emergency Energy Rebate. Barack Obama will require oil companies to take a reasonable share of their record‐breaking windfall profits and use it to provide direct relief worth $500 for an individual and $1,000 for a married couple. The relief would be delivered as quickly as possible to help
New York–Now that carbon dioxide has been declared a pollutant by the EPA, numerous local jurisdictions around the country, whose finances have been badly hammered by the current recession, are considering the imposition of “Exhalation Taxes.” New York’s Mayor Michael Bloomberg and California’s Governor Arnold Schwarzenegger are reportedly
Profits are sales minus costs. The costs reflect expenditures of money made in the past, sometimes, as in the case of depreciation on buildings, decades in the past. In contrast, the sales reflect money spent in the present, or at least in the current year. To the extent that the quantity of money and thus volume of spending in the economic system
My wife and I briefly visited China two years ago, as part of a cruise that started in Hong Kong and ended in Beijing. We spent a day in Shanghai and 4 days in Beijing. We had been to Hong Kong twice before and had been tremendously impressed by it. But we didn’t expect very much in mainland China. In fact, when the ship stopped in Seoul, Korea, I
Having just read today’s New York Times’ lead page-one article titled “Massachusetts Sets Health Plan for Nearly All,” I think I know what it must be like to live in some place like Caracas and participate in a popular celebration of the joyous wonders wrought by La Revolución. That’s certainly the spirit of the article. It claims in essence to
Illegal immigrants are overwhelming the resources of the Welfare State: government–funded hospital emergency rooms are filled with them; public schools are filled with their children. On the basis of such complaints, many people are angry and want to close the border to new illegal immigrants and deport those who are already here. They want to
“They know this company doesn’t care anything about them,” so says a UAW official, local Huntsville president, Terry Scruggs. And he’s talking about Delphi Corp, the employer of those neglected orphans that nobody cares about. Delphi, as the financially informed world knows, has crippling problems. Amazing statement by Mr Scruggs. He expects
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.