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In most economies, inventories are valued at market prices, while in China they are valued by the authorities and adjusted later. This is just one of many ways China manipulates GDP data.
Philosophy and MethodologySubjectivismValue and Exchange
Interpersonal utility can't be measured. After all, if you can't measure a single person's utility, it makes no sense at all to measure one person's utility against that of another.
Media and CultureU.S. History
Without the culture, the life, the hum, and the energy of the city, without the shopping and walks, the theater or a ball game, city life now has all of the costs and none of the comforts.
"My definition of social justice: I keep what I earn and you keep what you earn. Do you disagree?...how much of what I earn belongs to you—and why?"
Walter Williams believed free markets provided the best way for humans—and especially people born on lower rungs of the economic ladder—to advance materially and in other ways, too.
Biden has proposed a new $200 tax on rifles and magazines, with a $10,000 fine for noncompliance. Registration involves filling out a thirteen-page form, with fingerprints and a photograph of yourself.
The "New Historians" can identify the ostensible economic prowess of slavery, but they have ignored the many unseen costs imposed by slave economies.
"Unwinding an illiberal government…the principle that should guide the process is: No special privilege, no trading of special privileges."