It is a huge mistake to call the repeating cycle of boom and bust a business cycle. That name implies the bust is the failure of markets and capitalism. But it is really due to monetary and credit inflation licensed and promoted by governments and central banks.
The $120,000 price tag on that artwork involving a banana taped to a wall had almost zero to do with the amount of labor or materials that went into it. Its value was based on subjective valuations specific to certain buyers.
Father Frost (the Soviet Santa Claus) asks: "To whom do we owe all the good things in our socialist society?,” to which, it is said, the children chorus the reply, "Stalin."
By abolishing the weekend, the Soviets were in one move able to strike a blow against both families and religious institutions. All that was left was the state — and state-mandated labor.
The State of California is now forcing insurance companies to cover homeowners who put their houses in some of the most fire-prone areas. What could go wrong?
If this data is correct, then the anecdotal evidence just doesn't add up, and it's simply not the case that people don't have time to do anything other than work, eat some fast food, and then do it all over again.
Advocates for "blue laws" want to impose more laws on shopkeepers. These moral crusaders should instead start by setting a good example, and stop watching football games, ordering pizzas, or filling up on gas on Sunday.
