Anti-trust, Anti-truth

31 01 2007

Joel Klein, the third-rate lawyer/political hack who is in charge of the government’s Microsoft persecution, recently tried to rationalize the lawsuit by saying that it was in keeping with the long history of consumer protection regulation, beginning with the Sherman Antitrust Act of 1890. In reality, the history of antitrust has been a history of politically-inspired witch hunts launched against America’s most innovative and entrepreneurial businesses.

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America’s Great Depression

23 01 2007

Study of business cycles must be based upon a satisfactory cycle theory. Gazing at sheaves of statistics without “pre-judgment” is futile. A cycle takes place in the economic world, and therefore a usable cycle theory must be integrated with general economic theory. And yet, remarkably, such integration, even attempted integration, is the exception, not the rule. Economics, in the last two decades, has fissured badly into a host of airtight compartments—each sphere hardly related to the others. Only in the theories of Schumpeter and Mises has cycle theory been integrated into general economics.

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A Primer on Jobs and the Jobless

22 01 2007

With the economics of employment and unemployment constantly discussed on the business pages and political campaigns, let us turn our attention toward fundamentals and root out some fallacies.

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Democracy: The God That Failed

18 01 2007

On the most abstract level, I want to show how theory is indispensible in correctly interpreting history. History – the sequence of events unfolding in time – is “blind.” It reveals nothing about causes and effects. We may agree, for instance, that feudal Europe was poor, that monarchical Europe was wealthier, and that democratic Europe is wealthier still, or that nineteenth-century America with its low taxes and few regulations was poor, while contemporary America with its high taxes and many regulations is rich. Yet was Europe poor because of feudalism, and did it grow richer because of monarchy and democracy? Or did Europe grow richer in spite of monarchy and democracy? Or are these phenomena unrelated?

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The Only Path To Tomorrow

15 01 2007

The greatest threat to mankind and civilization is the spread of the totalitarian philosophy. Its best ally is not the devotion of its followers but the confusion of its enemies. To fight it, we must understand it.

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The Problem with Natural Rights

12 01 2007

With this mention of liberalism, though, we are getting ahead of our story again. Instead, we need first consider still another point that is relevant to the newly emerging natural rights doctrine of the seventeenth and eighteenth centuries. For so far as these doctrines go, one key question remains: granted that Hobbes may have been right, that on the basis of the new scientific conception of nature in general and of human nature in particular, the natural condition of men is one of ceaseless and ever proliferating appetites and desires; and granted that man’s overriding passion is thus one of self-preservation in the gratification of these appetites and desires; still, why should such a natural concern on man’s part be considered as being in any way a “right”?

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Reflections on the Formation and Distribution of Wealth

7 01 2007

If the land was divided among all the inhabitants of a country, so that each of them possessed precisely the quantity necessary for his support, and nothing more; it is evident that all of them being equal, no one would work for another. Neither would any of them possess wherewith to pay another for his labour, for each person having only such a quantity of land as was necessary to produce a subsistence, would consume all he should gather, and would not have any thing to give in exchange for the labour of others.

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