You may say it another way: that the intentions of mass production cannot be realized unless management and labor are both free. So long as that freedom existed in the motorcar industry, the cost of an automobile went lower and lower until it became, pound for pound, the cheapest manufactured thing in the world, not the Ford car only but all cars; and automobile labor at the same time was the highest-paid labor of its kind in the world.
Whenever the public doesn’t get what it wants and consumer demand is subservient to corporate interest, the most likely culprit is government policy. On the free market, consumers drive production, whereas under a system of protectionist corporatism, politicians and bureaucrats guide the market.
When the state is sued, liability ultimately falls upon the taxpayers, not the politicians and bureaucrats.
After the Great Depression hit, there was a general air in the United States and Europe that freedom hadn’t worked well. What we needed were strong leaders to manage and plan economies and societies.
And how they were worshiped—disgustingly so!
A new book by NYU Professor William Silber has just come out offering an explanation for
Boom-busts were a feature of markets. Under consumption caused the depression. WWII ended the Great Depression. All three Keynesian beliefs were inaccurate. Only the Austrian Business Cycle Theory got it right.
MSNBC runs a funny picture of the White House response to the news that economic growth is at a fou
It seems that the policy of transparency (transparent tampering) that Fed policy makers are striving to implement under the banner of achieving price stability might not be that good for the health of the economy. Also, it is a contradiction in terms to suggest that by means of manipulation of the price indexes and interest rates the Fed could somehow set the basis for the efficient allocation of resources and fulfill the role of an agent for economic growth.
It is only because we have a monstrous welfare/warfare state that the government "needs" to collect an income tax. The beginning of Clinton's presidency was not that long ago. The income tax can be abolished. It can be done quickly; it can be done painlessly — and it can be done for the benefit of the American taxpayer instead of the federal leviathan. Now that is real tax reform.
