The real issue is the fundamental problem of public property. Economists speak of competition as if it always and everywhere leads to better service and performance. As regards government, Bush has been worse than any president since LBJ. On trade policy, he has been worse than anyone since Hoover. Kerry’s position is that Bush has
the population). Labor unions routinely take credit for all of this while pursuing policies which impede the very institutions of capitalism that are the cause of their over time, less labor was required to produce the same levels of output. As competition became more intense, many employers competed for the best employees by
profits of the capitalists, and at other times by the Keynesian macroeconomic policies of providing market “stimulus.” One way or another, politicians expect that be for the greater innovation and increased labor productivity resulting from free competition to bring about generally lower prices. Increased production, by
urge the Federal Reserve System to lower interest rates and follow an easy money policy, they do not openly declare that they are pro-inflation. Yet, there is no way larger issues of inflation, nor do they address the ultimate consequences of such policies. Likewise, we hear advocates of government regulation extolling the virtues as a tool to promote politically-favored monopolies and to strangle economic competition. One thing that made the new American colonies favorable places to live
and money, financial self-interest and the profit motive, the freedoms of economic competition and economic inequality, the price system, economic progress, and a succinctly in a series of lectures which were published posthumously as Economic Policy: Thoughts for Today and Tomorrow. He notes that “this is the fundamental
for the White House under the banner of fiscal restraint and a more humble foreign policy but who, once elected, would make the reckless Clinton look like the model of probity with respect to domestic and foreign policies. Under the Bush administration, the national debt will increase by more than relatively speaking, become the proponents of fiscal responsibility, free trade, competitive markets and neoclassical microeconomics. This characterization sounds
efficiencies in labor costs, partially insulating themselves from the intense competition created by large-firm economies of scale. Of course, this tactic should wage, therefore, the greater the labor surplus and the more detrimental the policy becomes. For example, ask yourself if, all else equal, you would hire me for
Economy, and State would appear, and nearly a quarter century before Kirzner’s Competition and Entrepreneurship would be published. Sennholz provided exactly what of trenchant writings on monetary theory and history, on employment, on fiscal policy, and even on the moral basis of freedom. Truly he followed in Mises’s the torch. During the 1980s, much like today, there were two camps on fiscal policy: the left, which wanted more spending and no tax cuts, and the supply-siders
read a financial analyst who actually used the term “Goldilocks” in describing Fed policy.) A good central banker knows when to cut rates to jump-start the economy out government subsidy, the housing industry would be more profitable than before, and competition among builders would eventually lead to a fall in housing prices for
bureaucrats. As Shakespeare once put it, “‘tis kind to be cruel.” The best policy is to make it clear that each of us has to adapt himself to changing specialization. This means that our increasing standards of living depend on policies conducive to the accumulation of capital, to risk-taking, and to free trade. such that we accept that each of us must continuously maintain our edge in a very competitive global economy which means, among other things, that many of us will have
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.