People must still compete for resources in a socialist economy. In fact, the competition is intense. On the other hand, thanks to markets, basic necessities—and even basic luxuries—are now more more accessible than ever.
The empirical evidence shows that neither minimum wages or welfare reduce poverty. In fact, minimum wages tend to increase the cost of living while poverty rates have gone nowhere since the Great Society was introduced.
The empirical evidence shows that neither minimum wages or welfare reduce poverty. In fact, minimum wages tend to increase the cost of living while poverty rates have gone nowhere since the Great Society was introduced.
“Poverty in society is overcome by productivity, and in no other way. There is no political alchemy which can transmute diminished production into increased consumption.”
“Poverty in society is overcome by productivity, and in no other way. There is no political alchemy which can transmute diminished production into increased consumption.”
To offer a semblance of solidarity with the working class, wealthy leftists have substituted identity politics for class conflict, and attempted to recast economic problems as problems of racism or bigotry.
To offer a semblance of solidarity with the working class, wealthy leftists have substituted identity politics for class conflict, and attempted to recast economic problems as problems of racism or bigotry.
Murray Rothbard wrote, “The rate of interest is the price of ‘time.’” It’s safe to say the world’s central banks have manipulated and mispriced what time is worth.
The World Economic Forum and its related institutions in combination with a handful of governments and a few high-tech companies want to lead the world into a new era without property or privacy.
Ryan McMaken joins the show to discuss Adam Fergusson's seminal history of Weimar-era hyperinflation in Germany.
