Archive for the ‘Free Market’ Category

Nothing About this Economy Is Surprising

Nothing About this Economy Is Surprising“Insanity: doing the same thing over and over again and expecting different results.” — Albert Einstein

This Einstein platitude is so overused that I’m somewhat embarrassed to be planting it at the beginning of this article. But then I think about how utterly applicable it is to this piteous disaster we still call the global economy, and its presence becomes profoundly justifiable. Read On…

Some Very Interesting Facts About Capitalism

facts about capitalism

Here are some very interesting facts about capitalism:

1.  The term Capitalism was popularized by Karl Marx and Friedrich Engels. They explicitly coined the term to refer to the owners of private wealth. This term is a Communist interpretation of markets — from a decidedly egalitarian perspective. It is based on a context in which governments own a significant portion of the capital in society and the economy. It is incomplete and utterly incompatible with concept of free markets – especially as defined by the Austrian School of Economics.
Read On…

The Intrinsic Value of Nothing, Part Two

Intrinsic Value of Nothing“There is no such thing as prices outside the market. Prices cannot be constructed synthetically, as it were…

It is ultimately always the subjective value judgments of individuals that determine the formation of prices…”

— Ludwig von Mises, Human Action

“During thousands of years, in all parts of the inhabited earth, innumerable sacrifices have been made to the chimera of just and reasonable prices.” – Ludwig von Mises, The Theory of Money and Credit

In my previous article (Part One of this two-part series), I discussed the fallacy of intrinsic value – especially as it relates to the U.S. dollar, and the shell game the federal government has been playing for the last hundred years or so. In the tornado of debate, castigation, and general mayhem that ensued, some good points emerged – not the least significant of which was the observation that there is a difference between exchange value and use (or utilitarian) value. Read On…