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
of trade and its restriction—are all too typical of our present trade policy. Although we think of ourselves as a free-trading nation, it takes more than price of those Japanese cars that do get through, and of U.S. cars as well, since competitive pressures will be taken off General Motors and Ford. Free trade at all for special interests, and enact protection against “unfair” out-of-state competition. Knowing how similar situations come about, we could bet that someone in
effort to bring us out of recession through a variety of fiscal and monetary policies. If recovery is really here, can we say that these policies have worked? Not because they were brought about through artificial means. There are also certain policy trends which suggest that it might not last or that it will not be as robust is going to inspire this sector to clean up its act? Protecting an industry from competition is a method that permits everything wrong with the industry to persist
Mainstream economics is built on a foundation of equilibrium. The mainstream competitive model depicts competitive firms after all the competition has already taken place, so the role of entrepreneurship is left out. to macroeconomics, the whole sub-discipline has been focused on how government policy can stabilize the economy. That’s been true for a century. But because of its
culminating in the housing bubble. Following Keynesian economic theories, the policy response of the U.S. federal government to the recession that began in 2007 U.S., i.e., sole proprietorships, increasingly avoid hiring employees. Free-market competition and the inherent uncertainty of economic conditions provide ample risk
of the free market, Murray N. Rothbard debunks economic myths, illustrates the competitive process, explains the determination of interest rates and the coercion diminishes it. Rothbard debunks the protectionist fallacies of “fair competition,” “dumping,” “infant industries,” “aging industries,” and “balance of people’s values and tastes are constantly changing. The implications for public policy are far-reaching because there can be no scientific claim to social
farmers and other shippers from high prices—as its first act outlawed price competition. This devil’s pact led to the long decline and eventual bankruptcy of a managerial elite has dominated the corporate world (and much of U.S. government policy), often to the detriment of entrepreneurs, customers, and stockholders. Ludwig
plain English to average citizens, so that they could understand which government policies help or harm them, and, as a consequence, so that they could vote in such a busts, recessions, unemployment, starvation, and unaffordable healthcare to exist. Competition and the threat of competition serve as iron-clad shackles on companies.
The Free Market 7, no. 11 (November 1989) American agricultural policy offers many instructive lessons on how to cripple a major sector of the to boost prices. USDA endows cooperatives with the power to effectively outlaw competition and to force farmers to let much of their crop rot or be fed to animals.
was rightly skeptical of the free market and the cultural effects of business competition. In one version of this tale, advanced in the writings of Russell the price with a full-blown welfare-state crisis. “The history of German economic policy since 1949,” he wrote in summary, “has proved that economic freedom is like
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.