David Gordon continues his analysis of Graham Priest’s book, Capitalism: Its Nature and Its Replacement. While Priest might not understand either Marxism or capitalism, his book has useful insights.
Another Labor Day has passed with the same pro-union rhetoric dominating the media and politics. However, being pro-union is not the same as being pro-labor, especially given that unions often are the most anti-worker entities in our political economy.
While Graham Priest seems to have "rescued" Marxism from the labor theory of value, he cannot rescue Marxism itself.
Despite what many elites believe, AI can do many things, but it cannot successfully plan an economy. It lacks the intelligence of an entrepreneur.
The possible bankruptcy of Thames Water Company in Great Britain brings to mind the heady days 40 years ago when Margaret Thatcher's government was privatizing state-owned enterprises, including TW. Not all privatization stories have happy endings.
Marxists and leftist progressives have falsely tried to label anything associated with capitalism and free markets as "fascism." The same goes for political decentralization.
Obamacare's forced electronic medical recordkeeping is denying patients the care they need.
Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes.
"It may be hard to swallow, but central banks were not created for the greater good but to support the state and special interest groups."
Progressives have distinguished themselves in the past half century by being against progress. That trend is unlikely to change.
