Far from being a bucolic utopia, economic conditions were highly unsatisfactory on the eve of the Industrial Revolution. The traditional social system was not elastic enough to provide for the needs of a rapidly increasing population.
In truth, there is only one way to regard a minimum wage law: it is compulsory unemployment, period.
Why do so many people resent capitalism, even when they benefit enormously from it?
One of the most brilliant and forceful attacks on Cold War foreign policy in the postwar era came from the pen of the veteran free-market publicist Garet Garrett, in his pamphlet “The Rise of Empire.”
Competition is a process of the formation of opinion: by spreading information, it creates that unity and coherence of the economic system which we presuppose when we think of it as one market.
The broken-window fallacy, under a hundred disguises, is the most persistent in the history of economics.
The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence.
In every administration, the tools of inflation, borrowing, taxation, and regulation are used to transfer wealth from the people to the government.
