Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hitman.
Inflation is taxation without representation.
The common man is the sovereign consumer whose buying or abstention from buying ultimately determines what should be produced and in what quantity and quality.
You don’t make the poor richer by making the rich poorer.
By virtue of exchange, one man’s prosperity is beneficial to all others.
What’s ‘just’ has been debated for centuries, but let me offer you my definition of social justice: I keep what I earn and you keep what you earn. Do you disagree? Well then, tell me how much of what I earn ‘belongs’ to you — and why?
Trying to reduce economic inequality by increasing political inequality, which is essentially what Marxism is all about, has cost the lives of millions of innocent people under Stalin, Mao, Pol Pot, and others.
The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.
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“You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it.”Dr. Adrian Rogers, 1931-2005
Brilliance — even genius — is no guarantee that consequential factors have not been left out or misconceived. Karl Marx’s Capital was a classic example of an intellectually masterful elaboration of a fundamental misconception — in this case, the notion that ‘labor,’ the physical handling of the material and instruments of production, is the real source of wealth. Obviously, if this were true, countries with much labor and little technology or entrepreneurship would be more prosperous than countries with the reverse, when in fact it is blatantly obvious that the direct opposite is the case.