When markets are mostly free, prices adjust freely and constantly to adapt to new realities. Yet Keynes failed to understand how market rigidities are caused by government intervention. He blamed markets instead.
The automation doomers assume that when jobs are eliminated by automation in one place, that the number of jobs are permanently gone. For this to be true, there would have to be no growth in the need for labor elsewhere.
Henry Hazlitt’s second law is the observation that everything in Keynes's General Theory is either unoriginal or untrue. Keynes's theory of unemployment equilibrium is the most original aspect of his work.
Extended families have long functioned to provide alternatives to the state in terms of risk sharing and mutual aid. Other economic benefits include the refinement of human capital and economies of scale.
The US has millions of idle workers. In a normal economy this would put a damper on demand. But in our money-printing economy, consumer demand is surging even as production falls behind. An employment bubble is the result.
Identitarians present a parody of human rights: only approved groups are recognized as victims. Unapproved individuals are lost in the balkanization despite the fact that, in the final analysis, only individuals suffer and cry out for help.
Let's take a sober and even-handed look at what economics and empirical studies have to say about minimum wage hikes. Krugman and Biden claim there's no evidence these hikes affect employment. But they are being misleading.
Social activists now regard the minimum wage as another welfare program that can reduce the costs of programs like Medicaid and food stamps, and can reduce inequality. But the minimum wage is very poorly targeted for these purposes.