of most Administration economists, Friedman has, in fact, made his mark in current policy, and indeed reciprocates as a sort of leading unofficial apologist for and unions down to small blacksmith-shop size, in order to arrive at “perfect” competition and what Simons conceived to be the “free market”; (2) a vast scheme of
insufficient for modern technological needs. The general principles of government policy in this field we have already set forth: (a) leaving the general allocation of meaning when government can dictate the subject and objective of research in any competitive system of private enterprise. The myth has arisen that government a firm to devote its resources in an attempt at speedy development is the spur of competition. And competition means the free, unhampered market. Even in the case of
war against French Canada. If Americans, during the Seven Years’ War, pursued a policy of trading with the enemy, the British bitterly alienated the other countries and England’s overriding maritime interest was to destroy the highly efficient and competitive Dutch shipping. Very early in his reign, James I claimed ownership of the was the highly efficient Dutch shipping, and fellow sufferers from British policy were Spain, Portugal, Sweden, Russia, Naples, Tuscany, Genoa, and Sardinia.
ready to be tapped. The prime concern for the Keynesian is to decide on economic policy—what should be the economic ends of the State and what means should the State and early modern times, the ancestors of the Keynesians who advocated similar policies also proclaimed that the State could do no wrong. At that time, the king and direct robbery through “progressive” taxation, creating and spending new money in competition with individuals, directing investment, “influencing” consumption—the
hostility with the Arab and Indian merchants, for these Muslim traders feared the competition afforded by the new sea route. The new route was expected to avoid the of the previous purely religious abstinence. This intensification of mercantilist policy was accelerated by the intervention of England into the dynastic wars on the
thinking on foreign affairs; I was literally content to take my foreign policy thinking from the editorials of the good grey New York Times . It now became enable them to profit at the expense of producers. They talk about the benefits of competition and work toward monopolistic practices. They extol individual initiative
loan rate is lower than the return they expect to obtain. This is precisely the competitive process, which tends, in the long run, to equalize all natural and loan business “needs” that are supposed to furnish a rigorous criterion for bank credit policy. Fetter also provided a useful critique of the Swedish economist Knut
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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.