Hunter-gatherer societies stripped the local environment of resources and then moved on to another place. There was nothing environmentally responsible about this sort of economy, in spite of modern efforts to portray prehistoric humans as tree huggers.
"Truth has a power that cannot be touched by physical force. It is impossible to shoot a truth."
A “free trade agreement” in practice isn’t simply an index card declaring, “Tariffs on Country X are 0 percent, three cheers for Bastiat!” These are managed trade agreements, with hundreds of pages devoted to detailed regulations that smack of top-down Soviet planning.
The mainstream National Bureau of Economic Research definition of recessions is of little value. Real saving, not consumer demand, is the real driver behind economic growth.
Some Latin American policymakers seem to think China will offer easy terms for loans and trade agreements. They're wrong. China isn't as rich as many think.
Clearly marked prices on private-sector cash-payment surgeries are a great thing. In fact, the competition of for-profit surgery centers drives down prices at more "traditional" (i.e., highly bureaucratized) hospitals.
Singapore left both the British Empire and Malaysia before finally becoming an independent city. It then proceeded to become one of history's most impressive economic success stories.
Statistical data is merely history, but a competent historian does not simply let the events speak for themselves. He arranges them according to the ideas underlying the general notions he uses in their presentation. He does not report facts as they happened, but only relevant facts.
Economic history is possible only because there is an economic theory capable of throwing light upon economic actions. If there were no economic theory, reports concerning economic facts would be nothing more than a collection of unconnected data open to any arbitrary interpretation.
When governments raise the cost of obtaining a good, many people will opt for buying a higher quality (or more potent) version of the good with each transaction.
