Those who believe in the free and unhampered market economy should be especially skeptical of war and military action. War, after all, is the ultimate government program.
Loose monetary policy can appear to work so long as real wealth is expanding. But money expansion weakens wealth creation over time, eventually leading to slower growth, lost wealth, and economic busts.
Economic valuation, as such, is only meaningful when related to the possible employments of an economic good, and such employment can only be carried out by acting human beings.
Recycling isn't free. It requires the use of time and resources, many of which end up wasted. But politicians keep insisting that recycling is always a win-win, even though we have many examples to the contrary.
A business owner who cannot understand why a customer is not happy — or even very disappointed — with getting a full refund for a faulty product has failed to grasp some very fundamental economic concepts.
June 12 was the day the Virginia Declaration of Rights, penned by George Mason, was ratified by the Fifth Virginia Convention in 1776. And it has pride of place as the first of several declarations of rights in the era.
