Wapshott has made a career of writing about the clash between economists who favor the free market and those who support a "mixed economy." But he shows his heart by saying that in emergencies, government must supplant the market.
War is only proper when the exercise of violence is rigorously limited to the individual criminals. How many wars have met this criterion?
Once public opinion is convinced that the increase in prices will continue, everybody becomes eager to buy as much as possible and to restrict his cash holding to a minimum size.
All the teachings and precepts of ethics presuppose the moral autonomy of the individual and therefore appeal to the individual's conscience.
The Roman Empire crumbled to dust because it lacked the spirit of liberalism and free enterprise.
Kevin Vallier's new book is a valuable contribution to "public reason liberalism," introducing useful arguments for strengthening private property rights.
Many people want the state to take the lead in revitalizing run-down towns. How does this make sense, when it is private industry that conceived these towns in the first place?
The question that arises for the state ruler is: How can I free myself of two effective constraints on my power: tax-resistance in the form of falling tax revenue and the need to borrow from and pay interest to banks?
In the case of both athlete and teacher, the rarity of the skill and the number of people who benefit from the individual determines how much they're paid.
Many people want the state to take the lead in revitalizing run-down towns. How does this make sense, when it is private industry that conceived these towns in the first place?
