DOCSLIB.ORG

The Free Market in Capital Between the 20Th and 90Th Percentile of Income

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Free Market in Capital Between the 20Th and 90Th Percentile of Income ~D\\j1G September 1988 \r~ Volume VI TheFreeMarket Number 9 t INSTITUTE The Case Against Government Child Care by Kathleen M. Spotts American families need more affordable child care. But the answer is not more government involvement. When child care is run, funded, and regulated by the government, it can only make the existing problem worse. And it's bad for our liberty as well. Young couples with children may think they want govern, ment child care. But they don't realize that Americans like themselves will be the biggest losers in this Faustian bargain with the State'. They risk losing their right to raise their children as they-and not bureaucrats-see fit. It is not difficult to see why calls for action on child care have grown to a deafening level. Half the married mothers with children under five are working, twice the number who did in 1970. By 1995 two,thirds ofall preschool children are xpected to have working mothers. Licensed, regulated child care costs an average of $3,000 per child per year. Most families can't afford that, especially The ABC bill would only be the first step. We can expect single,parent families whose annual incomes are less than pressure groups to launch a full,time effort to make sure $10,000. Many of these families now make unofficial ar, there's no turning back. That's why Senator Orrin Hatch's rangements in the black (i.e. free) market, which include (R,UT) bill isn't much better. He proposes a "conservative" relatives, neighbors, and other unlicensed child,care pro, alternative (i. e. more regulation, some tax credits, and viders. vouchers), but with its direct tax subsidies in the form of It's already illegal in most states to provide more than 20 vouchers-not to speak of its regulations-it too would hours a week ofchild care in your home without government encourage powerful lobbying groups to make sure it leads to permission. Yet legislators are proposing to federalize these total federal control. laws and make them harsher. Their prime vehicle is the Advocates of more regulation cite the case of Jessica "ABC bill," the Act for Better Child Care Services, spon, McClure, the 18,month,old Texas girl who fell down a well sored by Senator Christopher Dodd (D,CT) and Represen, last year. According to the misnamed Children's Defense tative. Dale Kildee (D,MI). Fund, Jessica fell because she attended an "unregulated Texas The ABC bill would create a brand,new, full,blown feder' family day,care program." Stamp out unregulated family day al "entitlement" program, complete with subsidies, grants, care, CDF says, and such accidents would end. This is licenses, loans, regulations, certificates, and inspections. nonsense, of course. Regulated industries are much less The program would be administered by the states but over, responsive to consumer demands than unregulated ones. seen by a federal child,care administrator backed by an army Continued on back page of bureaucrats. ABC would authorize $2.5 billion in the first year and "suchsums as may be necessary" thereafter. If licensed child, are costs $3,000 per child per year and 16 million children The Mussolinization of America 2 are eligible, simple multiplication tells us that the program Medicare and Equality 3 will cost at least $48 billion annually. And knowing how William H. Hutt, in Memoriam 4 government programs work, after that, the sky is the limit. the NRA was unconstitutional, prevented the establishment Massachussetts and of a fascist economy in our country. FDR denounced the "nine old men" and tried to pack the court with NRA the Mussolinization proponents. But the American people, including most ofhi( of America supporters, opposed the power grab, and he lost. That did by Lew Rockwell not end the battle, however. Today, there are many elements of a corporate state in Washington. But in Massachusetts, Michael Dukakis has come closest to actually establishing one. Wrote the Wash­ Official socialism has probably never been a threat in ington Post recently: America, but the corporate state has. And 'is. Corporate Massachusetts is in a de facto alliance with It all began in 1919 when ex .. Marxist Benito Mussolini the state and a host ofpotentially conflicting interests, wrote the Fascist Party platform, calling for central planning including...organized labor... , all of whom serve on through a "partnership" ofgovernment, business, and labor. agency boards and are also recipients of agency By 1925 he was in total power. grants.... Not all of Mussolini's admirers were in Italy. The cover Not only has Dukakis drawn these business leaders into story of the New York Times Magazine for October 24, 1926, what amounts to limited partnerships with state gov.. gushed: ernment, with the governor as the dominant general The most approachable as well as the most interesting partner, but also these quasi.. public agencies have statesman in Europe. He is a voracious learner who never makes the same mistake twice.... The whole country is keyed up by his energy.... The whole economic structure of the nation has been As Misesian analysis shows, charted out in a graph that shows it as a huge corpora.. tion with the Government as the directorate. He ex .. the corporate state must be an plains it clearly and patiently, reminding you that he economic failure, started his career as a teacher. An earlier New York Times editorial (October 31, 1922) no matter what had explained: miracles are claimed. In Italy as everywhere the great complaint against democracy today is its inefficiency.... N either the failures nor the successes of (Russia's) Bolshevist Gov.. ernment offer much of an example to the Western formed a web of financial arrangements with at least world. Dr. Mussolini's experiment will perhaps tell us 3,000 corporations across the state. The state govern.. something more about the possibilities of oligarchic ment effectively has been entrenched in almost every administration. nook and cranny of the private sector. Although Herbert Hoover in many ways prefigured him, it The tools Dukakis used to create this alliance for central was Franklin D. Roosevelt who first tried to create an explicit planning included a larger bureaucracy; subsidized loans, corporate state in America with his National Recovery Ad.. bailouts, and outright grants for big businesses; and guaran.. ministration (NRA). With its fascist ..style Blue Eagle em.. teed high wages for unions. blem, the NRA coordinated big business and labor in a Those on the Massachusetts gravy line include the insur.. central plan, and outlawed competition. The NRA even ance industry, especially John Hancock Mutual Life; high.. employed vigilante groups to spy on smaller businesses and tech corporations like our old friend GE, Digital Equipment report if they violated the plan. Corp., and Raytheon; and banks like the Bank of Boston. Just as in Mussolini's Italy, the beneficiaries of the u.s. Each is represented on the boards of the Massachusetts corporate state were-in addition to the government itself­ Capital Resources Corp., the Massachusetts Industrial Fi .. established economic interest groups. NRA cheerleaders nance Agency, and similar corporate..statist entities. And included the National Association of Manufacturers, the all march in profitable lock.. step with the state. The only u.s. Chamber of Commerce, the American Bar Associa.. losers are taxpayers, consumers, and businesses without po; tion, the United Mine Workers, the Amalgamated Clothing litical connections. Workers, and-above all-Gerard Swope of General Elec.. The Post notes that Dukakis's policies "diverge sharply tric, who helped draft the NRA act. from the more traditional type ofpartisan politics emphasiz.. Only the courage ofthe Supreme Court, which ruled that ing ideological splits between business and labor." 2 With guaranteed profits, corporations are partially liber.. Medicare and the Myth of Equality ated from consumer control. In return, they agree to pay the above.. market wages that labor unions demand, and other.. by Mark D. Hughes lise cooperate with the state. But what will be the economic The notion that the Welfare State exists for the benefit of result? the poor is at best naive and at worst a despicable lie. The In 1920, Ludwig von Mises showed in "Economic Calcula.. true purpose of the welfare state is not to aid the poor but to tion in the Socialist Commonwealth" that there can be no benefit politically powerful special interest groups, usually in rational central planning. the middle class. No other conclusion is possible from what we know about the politics ofpoverty and the facts ofwelfare In a free market, consumers' spending decisions tell pro.. programs. ducers what and how much to produce. If consumers prefer Fords to Chevrolets, they tell Ford Motor Company to make In democratic politics, the interests of groups within the middle class control the bulk of all wealth transfers. The more cars by buying more of them, thereby driving up the price of Fords relative to Chevrolets and attracting more majority of this income redistribution, however, takes place investment to Ford. Because of the free market in capital between the 20th and 90th percentile of income. This is the goods, Ford is able to devote more resources to production area of the largest tax base and it's also where the greatest than Chevrolet. concentration of political power is. Socialized medicine, for example, has harmed the poor This process enables firms to rationally calculate the and benefited pressure groups like organized medicine, hos.. "structure of production" from the beginning to the end, to use scarce resources to satisfy the most highly valued goals of pitals, pharmaceutical companies, and medical supply firms. consumers. Mises showed that under socialism, economic calculation is impossi,ble.
Load more

Recommended publications
  • Review of Murray N. Rothbard's an Austrian
    Reason Papers 97 Murray N. Rothbard, An Austrian Perspective on the History of Economic Thought, Vol. i & ii (Cheltenham, UK: Edward Elgar Publ., Ltd., 1995), pp.576 & 544; Index; $99.95 each. Parth Shah, University of Michigan, Dearborn I have always enjoyed Professor Rothbard's talks at various Austrian conferences and seminars, especially the ones on the history of economic thought. That subject itself, I think, brought out all the qualities that made Professor Rothbard such a loving and towering figure in Austrian and libertarian circles; his incredible breadth of knowledge, diligent scholarship, disarming sense of humor, perspective coalescing of personal with social and intellectual history, genuine respect for a worthy adversary, and yes, his unwavering dedication to praxeology and liberty. Professor Rothbard's two volumes on the history of thought more than meet the expectations; they encapsulate all those unique qualities of his. It makes it all the more unfortunate that the volumes cover the period only up to about 1870. Taking his cue from his mentor Joseph Dorfman, Professor Rothbard eschews the "Few Great Men approach" (talking about the already anointed), and focuses on the "'lesser' figures... emphasizing the importance of their religious and social philosophies as well as their narrower strictly 'economic' views" (1, p.xii). With Thomas Kuhn's realistic appraisal of the path of progress in science in terms of paradigm shifts, Professor Rothbard dismisses the Whig theory of history and works with no presumption that "later thought is better than earlier" (1, p.x). The acceptance of the zig-zag path of the progress of the discipline promises us "far more human drama than is usually offered in histories of economic thought." (1, p.xiii).
    [Show full text]
  • Peter J. Boettke
    PETER J. BOETTKE BB&T Professor for the Study of Capitalism, Mercatus Center at George Mason University, & University Professor of Economics and Philosophy Department of Economics, MSN 3G4 George Mason University Fairfax, VA 22030 Tel: 703-993-1149 Fax: 703-993-1133 Web: http://www.peter-boettke.com http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=182652 http://www.coordinationproblem.org PERSONAL Date of birth: January 3, 1960 Nationality: United States EDUCATION Ph.D. in Economics, George Mason University, January, 1989 M.A. in Economics, George Mason University, January, 1987 B.A. in Economics, Grove City College, May, 1983 TITLE OF DOCTORAL THESIS: The Political Economy of Soviet Socialism, 1918-1928 PROFESSIONAL EXPERIENCE Academic Positions 1987 –88 Visiting Assistant Professor, Department of Economics, George Mason University 1988 –90 Assistant Professor, Department of Economics, School of Business Administration, Oakland University, Rochester, MI 48309 1990 –97 Assistant Professor, Department of Economics, New York University, New York, NY 10003 1997 –98 Associate Professor, Department of Economics and Finance, School of Business, Manhattan College, Riverdale, NY 10471 1998 – 2003 Associate Professor, Department of Economics, George Mason University, Fairfax, VA 22030 (tenured Fall 2000) 2003 –07 Professor, Department of Economics, George Mason University, Fairfax, VA 22030 2007 – University Professor, George Mason University 2011 – Affiliate Faculty, Department of Philosophy, George Mason University FIELDS OF INTEREST
    [Show full text]
  • Introduction
    INTRODUCTION I The 1920s and 1930s were a glorious era in the history of the Austrian School of economics. In those days, the city of Vienna saw the first genuine culture of scholars working in the tradition established by Carl Menger, and this culture radiated throughout the rest of the German-speaking world and into other countries. Many important works of this period have been translated into English, in particular, the books by Ludwig von Mises and F.A. Hayek, and also works of other scholars like Fritz Machlup, Gottfried von Haberler, Oskar Morgenstern, Franz uhel, Hans Mayer, Paul Rosenstein-Rodan, and Leo Schönfeld-Illy.1 Among the pioneering works of this time that have hitherto not been accessible to the anglophone public is that by Richard von Strigl. First published in 1934 under the title Kapital und Pro- duktion by the former Austrian Institute for Business Cycle Research in its series “Contributions to Business Cycle Research,”2 it was reprinted in 1982 by Philosophia Verlag in 1For a sample of writings by these authors from the inter-war period see Austrian Economics: ASampling in the History of a Tradition, Israel M. Kirzner, ed., vol. 2 (London: William Pickering, 1994). 2Beiträge zur Konjunkturforschung, edited by the Österreichischen Institut für Konjunkturforschung. The first seven volumes in this series are all classics of Aus- trian economics: F.A. Hayek, Geldtheorie und Konjunkturtheorie (Vienna: Hölder- Pichler-Tempsky, 1929); Fritz Machlup, Börsenkredit, Industriekredit und Kapitalbil- dung (Vienna: Springer, 1931); F.A. Hayek, Preise und Produktion (Vienna: Springer, 1933); Erich Schiff, Kapitalbildung und Kapitalaufzehrung im Konjunkturverlauf (Vienna: Springer, 1933); Oskar Morgenstern, Die Grenzen der Wirtschaftspolitik (Vienna: Springer, 1934); Fritz Machlup, Führer durch die Krisenpolitik (Vienna: Manz, [1934] 1998); and Richard von Strigl, Kapital und Produktion (Munich: vii Capital and Production Munich under the editorship of Professor Barry Smith.
    [Show full text]
  • WINTER 2018 Journal of Austrian Economics
    The VOL . 21 | NO . 4 QUARTERLY WINTER 2018 JOURNAL of AUSTRIAN ECONOMICS ARTICLES Agree or Disagree? On the Role of Negotiations for the Valuation of Business Enterprises . 315 Florian Follert, Jeffrey M. Herbener, Michael Olbrich, and David J. Rapp Is the Virus of International Macroeconomic Interventionism Infectious? An ABCT Analysis . 339 Walter E. Block, Lucas M. Engelhardt, and Jeffrey M. Herbener The Income Effect Reconsidered . 375 Karl-Friedrich Israel Homogeneity, Heterogeneity, the Supply Curve, and Consumer Theory . 398 Igor Wysocki and Walter E. Block Book Review: Theoria Generalis: Das Wesen des Politischen By Ulrich Hintze . 417 Paul Gottfried Book Review: The High Cost of Good Intentions: A History of U.S. Federal Entitlement Programs By John F . Cogan . 421 Mark Thornton Book Review: The Problem of Production: A New Theory of the Firm Per Bylund . .. 427 Mateusz Machaj FOUNDING EDITOR (formerly The Review of Austrian Economics), Murray N. Rothbard (1926–1995) EDITOR, Joseph T . Salerno, Pace University BOOK REVIEW EDITOR, Mark Thornton, Ludwig von Mises Institute ASSISTANT EDITOR, Timothy D . Terrell, Wofford College EDITORIAL BOARD D .T . Armentano, Emeritus, University of Hartford Randall G. Holcombe, Florida State University James Barth, Auburn University Hans-Hermann Hoppe, Emeritus, UNLV Robert Batemarco, Pace University Jesús Huerta de Soto, Universidad Rey Juan Carlos Walter Block, Loyola University Jörg Guido Hülsmann, University of Angers Donald Bellante, University of South Florida Peter G . Klein, University of Missouri James Bennett, George Mason University Frank Machovec, Wofford College Bruce Benson, Florida State University Yuri Maltsev, Carthage College Samuel Bostaph, University of Dallas John C . Moorhouse, Wake Forest University Anthony M .
    [Show full text]
  • A Cautionary Tale
    A Cautionary Tale Neoliberal Discourse and the pedagogic function of the mediated Lost Japan narrative during the financial crisis. PhD thesis Theodore Bonnah Doshisha University This work is licensed under the Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA. Acknowledgments Although the PhD student may feel very alone at times, a doctoral thesis is almost never a lone effort. In my case in particular there were many to give thanks, but which I left unsaid in the crazy final days of my PhD studies. I would like to apologize here to all those I shamefully left without a proper expression of my gratitude, and respectfully offer the following acknowledgments. First, I owe a great debt to my wife Tomiko, who kept my body and soul together as I laboured under the twin burdens of PhD research and teaching a full course load at university. The dark time was just as hard on you as it was on me, and we both spent many frustrating and lonely nights apart in the same house. You have my apologies, my thanks, and my love. I give this equally to my son, Leo, who was thankfully too young to see the stress his parents were under. Thanks and love as well are due to my mother Phoebe, her husband Terry, and my siblings Victor, Philip, and Terrilyn, all who were too far to see my distress, but always near to my heart.
    [Show full text]
  • Classical Liberalism and the Austrian School
    Classical Liberalism and the Austrian School Classical Liberalism and the Austrian School Ralph Raico Foreword by Jörg Guido Hülsmann Preface by David Gordon LvMI MISES INSTITUTE The cover design by Chad Parish shows the Neptune Fountain, at the Schönbrunn Palace, in Vienna. Copyright © 2012 by the Ludwig von Mises Institute. Permission to reprint in whole or in part is gladly granted, provided full credit is given. Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 mises.org ISBN: 978-1-61016-003-2 Dedicated to the memory of the great Ludwig von Mises Table of Contents Foreword by Jörg Guido Hülsmann . ix Preface by David Gordon . xiii Introduction . .xxv 1. Classical Liberalism and the Austrian School . .1 2. Liberalism: True and False . .67 3. Intellectuals and the Marketplace. 111 4. Was Keynes a Liberal? . .149 5. The Conflict of Classes: Liberal vs. Marxist Theories. .183 6. The Centrality of French Liberalism . .219 7. Ludwig von Mises’s Liberalism on Fascism, Democracy, and Imperalism . .255 8. Eugen Richter and the End of German Liberalism. .301 9. Arthur Ekirch on American Militarism . .331 Index. .339 vii Foreword “History looks backward into the past, but the lesson it teaches concerns things to come. It does not teach indolent quietism; it rouses man to emulate the deeds of earlier generations.” Ludwig von Mises1 The present book contains a collection of essays written through- out the past twenty years. I read virtually all of them when they were first published. They have been a central part of my education in the history of liberalism and of the Austrian School of economics, and I consider myself privileged indeed to have encountered Professor Raico and his work early on in my intellectual development.
    [Show full text]
  • Entrepreneurs, Investors, and Scribblers: an Austrian Analysis of the Structure of Production and Distribution of Ideas
    Entrepreneurs, Investors, and Scribblers: An Austrian Analysis of the Structure of Production and Distribution of Ideas A Paper given at the Southern Economics Association 2015 Annual Meeting New Orleans, November 21–23, 2015 Session: [3.D.6] Entrepreneurial Solutions to Public Problems (Sponsored by Society for the Development of Austrian Economics) Monday, November 23, 2015; 3:00 - 4:45 pm. An online version of this paper is available here: HTML: <davidmhart.com/liberty/Papers/DMH_StructureProductionIdeas21Oct2015.html>. PDF: <davidmhart.com/liberty/Papers/DMH_StructureProductionIdeas21Oct2015.pdf>. Draft: February 9, 2015 Revised: October 21, 2015 Word Length: 11,580 w. (body of the paper) Author: Dr. David M. Hart. Director of the Online Library of Liberty Project at Liberty Fund <oll.libertyfund.org> and Academic Editor of the Collected Works of Frédéric Bastiat. Email: Work: [email protected] Private: [email protected] Websites: Liberty Fund: <oll.libertyfund.org> Personal: <davidmhart.com/liberty> David M. Hart 10-21-2015 Bio David Hart was born and raised in Sydney, Australia. He did his undergraduate work in modern European history and wrote an honours thesis on the radical Belgian/French free market economist Gustave de Molinari, whose book Evenings on Saint Lazarus Street (1849) he is currently editing for Liberty Fund. This was followed by a year studying at the University of Mainz studying German Imperialism, the origins of the First World War, and German classical liberal thought. Postgraduate degrees were completed in Modern European history at Stanford University (M.A.) where he also worked for the Institute for Humane Studies (when it was located at Menlo Park, California) and was founding editor of the Humane Studies Review: A Research and Study Guide; and a Ph.D.
    [Show full text]
  • Drei Methodenstreite and Intramural Strife
    DREI METHODENSTREITE AND INTRAMURAL STRIFE A University Thesis Presented to the Faculty of California State University, Hayward In Partial Fulfillment ofthe Requirements for the Degree Master ofArts in Economics By Christopher R. Inama February, 1996 Copyright © 1996 by Christopher R. Inama ii DREI METHODENSTREITE AND INTRAMURAL STRIFE By Christopher R. Inama Approved: Dated: iii TABLE OF CONTENTS l. INTRODUCTION II. 7lfF METHODENSTREIT 2 A. ORIGINS OF THE GERMAN HISTORICAL SCHOOL OF ECONOMICS 2 1. Some Forerunners ofthe German Historical School ofEconomics .,. 5 2. An Initial Criticism ofHistoricism , 10 B. THE GERMAN HISTORICAL SCHOOL OF ECONOMICS , 12 C. MENGER'S CHALLENGE 20 D. THE OUTCOME 27 III. FIFTY YEARS LATER 30 A. HAYEK'S THEORY 33 B. KEYNES'S THEORY 40 C. THE DISPUTE 43 D. THE OUTCOME 45 IV. AN ONGOING DEBATE 51 A. POSITIVISTS, COLLECTIVISTS, AND OTHERS OF THEIR ILK 52 B. AUSTRIAN RESPONSES TO THAT ILK 68 I. ADDITIONAL PHILOSOPHICAL INFLUENCES ON AUSTRIAN THOUGHT 68 2. SOME VARIATIONS WITHIN THE AUSTRIAN SCHOOL 80 C. SOME METHODOLOGICAL ISSUES 82 I. Internal Contradictions ofLogical Positivism 82 2. Is Empirical Knowledge Inconsistent with the Austrian Theory? 84 D. HAYEK'S CRITICISMS OF DIFFERENT FORMS OF POSITIVISM 85 IV. AN INTRAMURAL FRAY 90 A. SOME DIFFERENCES BETWEEN MISES AND HAYEK 90 B. A MISESIAN BRANCH OF THE FAMILY TREE 95 C. ANOTHER STUDENT OF MISES CLAIMS THE MIDDLE-GROUND 106 D. RADICAL SUBJECTIVISTS DESCENDED THROUGH HAYEK .... 108 V. CONCLUSION 111 BIBLIOGRAPHY ..................................................
    [Show full text]
  • The Indispensability of Freedom 8Th International Conference the Austrian School of Economics in the 21St Century
    The Indispensability of Freedom TITLE 8th International Conference The Austrian School in the 21st Century Federico N. Fernández Barbara Kolm Victoria Schmid (Eds.) Friedrich A.v.Hayek Institut The Indispensability of Freedom 8th International Conference The Austrian School of Economics in the 21st Century Federico N. Fernández Barbara Kolm Victoria Schmid (Eds.) Papers presented on November 13th and 14th, 2019 Published by the Austrian Economics Center and Fundación International Bases www.austriancenter.com www.fundacionbases.org Copyright ©2020 by Friedrich A. v. Hayek Institut, Vienna Federico N. Fernández, Barbara Kolm, and Victoria Schmid (Eds.) All rights reserved. No texts from this book may be reprinted or posted in any form without prior written permission from the copyright holders. Design and composition by Victoria Schmid Cover photo by Anton Aleksenko | Dreamstime.com ISBN: 978-3-902466-17-4 First Edition 2 3 4 Content Austrian Economics Conference 2019 Preface Robert Holzmann 13 The History of the Austrian Economics Conference The Editors 15 Juan Carlos Cachanosky Memorial Lecture I. The Continuing Importance of Misesian Economics Robert Murphy 17 II. Keynote: Geopolitics, Economic Freedom, and Economic Performance Erich Weede 31 1. The Role of Non-Democratic Institutions in a Democracy, according to Montesquieu, Tocqueville, Acton, Popper, and Hayek, Applied to the EU Jitte Akkermans 45 2. Mind with a purpose: a humanistic conversation between Psychology and some postulates of the Austrian School of Economics Silvia Aleman Menduinna 59 3. What Is Wrong With Sustainable Development Goals? Horacio Miguel Arana 71 5 Content 4. A Unique Methodology using the Principles of the Austrian School of Economics – Applied To Investing and Trading Richard Bonugli 83 5.
    [Show full text]
  • Hillsdale College Freedom Library Catalog
    Hillsdale College Freedom Library Catalog Books from Hillsdale College Press, Back Issues of Imprimis, Seminar CDs and DVDs THOMAS JEFFERSON | ANTHONY FRUDAKIS, SCULPTOR AND ASSOCIATE PROFESSOR OF ART, HILLSDALE COLLEGE CARSON BHUTTO YORK D'SOUZA STRASSEL WALLACE HANSON PESTRITTO GRAMM ARNN GOLDBERG MORGENSON GILDER JACKSON THATCHER RILEY MAC DONALD FRIEDMAN Hillsdale College Freedom Library Catalog illsdale College is well known for its unique independence and its commitment to freedom and the liberal arts. It rejects the huge federal and state taxpayer subsidies that go to support other American colleges and universities, relying instead on the voluntary Hcontributions of its friends and supporters nationwide. It refuses to submit to the unjust and burdensome regulations that go with such subsidies, and remains free to continue its 170-year-old mission of offering the finest liberal arts education in the land. Its continuing success stands as a powerful beacon to the idea that independence works. This catalog of books, recordings, and back issues of Imprimis makes widely available some of the best writings and speeches around, by some of the smartest and most important people of our time. These writings and speeches are central to Hillsdale’s continuing work of promoting freedom, supporting its moral foundations, and defending its constitutional framework. Contents Hillsdale College Press Books .................................................... 1 Imprimis ...................................................................... 5 Center
    [Show full text]
  • 01 Barnet Y Block.Indd
    Artículos GROSS (DOMESTIC) OUTPUT – ANOTHER GOVERNMENT CON WILLIAM BARNETT II*1 WALTER E. BLOCK** 2 Fecha de recepción: 1 de junio de 2016. Fecha de aceptación: 22 de septiembre de 2016. Resumen: El nuevo sheriff de la ciudad es la renta (doméstica) bruta. Se trata de una variable que intenta medir no sólo la inversión, los bienes finales, y el consumo, sino la cantidad y el valor de los bienes intermedios. Desde el punto de vista de sus defensores,se debería haber incluido esta estadística en la contabilidad nacional desde hace mucho tiempo. Desde la perspectiva de sus críticos, como los autores del presente trabajo, es una estadística inválida, que creará más errores y malentendidos conforme se incorpore en las cuentas ofi- ciales. Palabras clave: Producción (doméstica) bruta, Producto interior bruto, estructu- ra de la producción. Clasificación JEL: E2 Abstract: The new sheriff in town is Gross (Domestic) Output, or GO. This is a measure that attempts to measure not merely investment, nor final goods, nor consumption, but the quantity and value of intermediate goods. From the van- tage point of its proponents, inclusion of this statistic in national income ac- counts is long overdue. From the perspective of its critics, such as the present authors, it is an invalid statistic, which will create more error and misunder- standing as it is incorporated into official accounts. *1 Bank One Distinguished Professor of International Business and Professor of Economics. Department of Economics. Joseph A. Butt, S.J. College of Business Admin- istration, Loyola University, New Orleans, Louisiana 70118. [email protected] ** Harold E.
    [Show full text]
  • Adam Smith, Karl Marx, and John Maynard Keynes / Mark Skousen
    The Big Three in Economics OTHER ACADEMIC BOOKS BY MARK SKOUSEN The Structure of Production Economics on Trial Dissent on Keynes (editor) The Investor’s Bible: Mark Skousen’s Principles of Investment Puzzles and Paradoxes in Economics (co-authored with Kenna C. Taylor) Economic Logic The Power of Economic Thinking Vienna and Chicago, Friends or Foes? The Compleated Autobiography by Benjamin Franklin (editor and compiler) The Big Three in Economics Adam Smith Karl Marx and John Maynard Keynes Mark Skousen M.E.Sharpe Armonk, New York London, England Copyright 2007 by Mark Skousen All rights reserved. No part of this book may be reproduced in any form without written permission from the publisher, M.E. Sharpe, Inc., 80 Business Park Drive, Armonk, New York 10504. Library of Congress Cataloging-in-Publication Data Skousen, Mark. The big three in economics : Adam Smith, Karl Marx, and John Maynard Keynes / Mark Skousen. p. cm. Includes bibliographical references and index. ISBN-10: 0-7656-1694-7 (cloth : alk. paper) ISBN-13: 978-0-7656-1694-4 (cloth : alk. paper) 1. Economists—History. 2. Economics—Philosophy. 3. Economists—Biography. 4. Smith, Adam, 1723–1790. 5. Marx, Karl, 1818–1883. 6. Keynes, John Maynard, 1883–1946. I. Title. HB76.S58 2007 330.15092’2--dc22 2006020466 Printed in the United States of America The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences Permanence of Paper for Printed Library Materials, ANSI Z 39.48-1984. ~ BM (c) 10 9 8 7 6 5 4 3 2 1 Dedicated to The Big Three in my life, My editor, my friend, and my wife, Jo Ann Skousen Contents Introduction ix Photos follow page 104 Chapter 1.
    [Show full text]