Tag: Economics

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Mr. Milton Friedman would have turned 108 years old yesterday – had he chosen to stick around, that is. In honor of the Godfather of American conservative libertarianism, who brought economics the concepts of stagflation and monetarism, we have dedicated the latest eposode of The Resistance Library podcast to Mr. Friedman. Read More View Post

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Economist Donald J. Boudreaux joined host Ben Domenech to discuss the long-lasting economic impact of the government shutdown. Boudreaux is a Professor of Economics at George Washington University, and serves as a Senior Fellow at the Mercatus Center and The Fund for American Studies.

Boudreaux wrote an article earlier this week titled “Who is Making Decisions About Our Lives?” in which he outlined the limited knowledge American leaders have. The American people also don’t understand, he argued, the government’s decision to have the Federal Reserve print money doesn’t create actual wealth in the form of any goods and services.

Recommended by Ricochet Members Created with Sketch. Call It the Great Panic of 2020

 

In the last 100+ years we had The Great War (later “World War I”), the Great Depression, and the Great Recession. I think it’s time to give a name to the first self-inflicted worldwide depression: the Great Panic of 2020. Getting the right name for the current crisis could frame the public debate on the policy solution. Other suggestions for a name are welcome in the comments section.

Financial depressions in the 19th Century were known as “panics.” The Panic of 1837 was one of the worst with bank failures, bankruptcies, and 25% unemployment. Some historians believe it lasted almost seven years.

Recommended by Ricochet Members Created with Sketch. I Get Why the Kids Like Bernie

 

My children are in their early twenties and just starting out. Neither one of them studied anything particularly lucrative (Film; Art). They take after their old man that way (Drama). 

But when I was starting out, I had little trouble getting a job with a Chicago restaurateur who gave me all the work I wanted tending bar and waiting tables. I did not have to deal with a 29 hour per week limit to avoid Obamacare requirements. I could get 40 hours no problem. After 40 hours I would work off the clock for tips only, which was just fine with me. All in all, I could count on about $700 per week.

Recommended by Ricochet Members Created with Sketch. In a Century

 

An old country girl now in her 80s reflected the other day on how much life has changed since she was a kid. It wasn’t the usual story of colorless television and walking to school with a lunch pail. There was no TV in her small town.

Baths were on Saturdays. They filled “the number 3 bathtub” with water heated on a fire stove. They stitched their own clothes together from feed sacks. “Burlap?” I asked. No, the sacks were softer cotton then. So many Americans made their own clothes from feed sacks that feed makers produced the sacks in a variety of colors and patterns. Attractive patterns improved sales.

Contributor Post Created with Sketch. Recommended by Ricochet Members Created with Sketch. Quote of the Day: Price Controls

 

“Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.” – Thomas Sowell

Did anyone notice California’s governor imposing statewide rent control on September 10? It was done to make housing more affordable and more available. It was sold as a means of fixing the homeless crisis. Of course, the cities that already had rent control are the cities with the greatest housing shortages and highest rents, but why let reality intrude on a great theory.

Recommended by Ricochet Members Created with Sketch. A Pope Speaks Out (No, Not That Pope)

 

I’ve listened to some of the Democrat Presidential debates and I had no idea there were that many people that were concerned with what I should eat, how I should travel, what I should own, and my medical care. There’s more to add to the list so rather than list everything I’ll just say – I never knew I was so inept in living my unsupervised personal life, much less how that ignorance was oppressing my neighbors. I not only was oppressing my neighbors I was oppressing an entire nation with my selfish lifestyle.

In this age of unexamined ideas where history begins with the start of the next 24-hour news cycle, state-sanctioned looting is nothing new, the Catholic Church has already wrestled with this issue. There were Catholics that advocated Distributism, which was no more than Socialism. Some called it the Catholic Third Way of Economics. The Magisterium never advocated this Third Way because it was seen as no more than theft.

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http://www.bbc.com/future/story/20190905-how-localisation-can-solve-climate-change Wow, so while we were fearing that the globalists will push their way forward with use of climate change, the agenda just got turned inside out (although it may take politicians awhile to refocus their efforts). Of course only a world government could possibly enforce this. Bonus: it could even fit right in with […]

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This may not be the place, but I have a half-baked theory I want to throw out there, since the left is pursuing the reconstruction of our language. (Starting with all conservatives being on the Hillary list of phobics culminating in “deplorables.”) Here goes: We are inundated with these references, and once “racist” started to […]

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Weeks ago, Ricochet members discussed talents and aptitudes. It is generally acknowledged that some people are better than others at particular skills and trades. But there was debate about nature versus nurture; if excellence is available to any practicioner with enough hard work and training. Today, let’s change the focus slightly. Can anyone be trained […]

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I know this tweet is 18 days old, an eternity in Trump Twitter time, but I’ve only just seen it. I had to read it twice to grasp the staggering level of economic ignorance it displays. Our toddler president states, with his customary disdain for orthographic convention, “Tariffs will bring in FAR MORE wealth to […]

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Why the College Cheating Scandal should be blamed on the student loan crisis backed by the government. Professor of Economics at Stockton University, NJ, Michael Busler, PhD, joins Dave Sussman and also discusses the increase of socialism among students, and a report card on President Donald Trump’s economic policies. Follow Dr. Busler at https://twitter.com/mbusler and https://www.facebook.com/fundingdemocracy

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I recently read an intriguing book concerned with the exponential advances in technology and the impact thereof on human society. The author believes that the displacement of human labor by technology is in its very early stages, and sees little limit to the process. He is concerned with how this will affect–indeed, has already affected–the […]

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I have been reading F. A Hayek’s The Road to Serfdom, and as I have read it, I have thoroughly enjoyed his complete and utter destruction of the idea of central planning. I currently have just finished Chapter V, in which he debunks the notion that “democratic socialism” can exist. To paraphrase Hayek’s points, because […]

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Gracy Olmstead of “The American Conservative” and other outlets has provided us with an interview with the not easily categorized Wendell Berry in today’s New York Times. Olmstead is someone I’ve read with pleasure over the last several years and have seen her work promoted here at Ricochet. One of the things that makes this […]

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Recommended by Ricochet Members Created with Sketch. Providing a Service People Want Isn’t “Exploitation”

 

A Harvard survey last month found that a slim majority of millennials reject capitalism, and with the quality of media reporting about business and the economy, it’s not hard to guess why. (Not to mention the pitiful state of economics education in public high schools.) The Washington Post published a story today that perfectly illustrates the extent of the problem in a single sentence.

The story is about single women in China who have passed their early 20s without a husband, which they say brings shame to their families and have turned to “love markets” as a last resort. Turns out that some entrepreneurs have started companies to help these women find husbands. These are more than dating websites. The companies train the women in man-finding techniques and search cities to help them locate eligible men.

Recommended by Ricochet Members Created with Sketch. Member Post

 

Cheap gas. That, along with great pizza and bagels, was always one of the benefits of living in New Jersey. Even though there is no self-service gas in NJ, the price per gallon was still less than what I would see in any other state I drove through. Until the end of 2016, that is. […]

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Warning: Potentially spoiler-heavy thread! It’s simple, really: Earth’s economy will collapse after half of us die, Stark will show Thanos how bad it is, Thanos will learn that Malthusian economic theory is wrong, and he’ll just undo everything. Read More View Post

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A few years ago, C.W. Strand published a long, three-part essay on Tradinista, a now-defunct website “devoted to a synthesis of Marxis[m] and traditional Roman Catholicis[m].” The essay seeks, in its own words, to explore “the possibility and nature of Catholic socialism.” The first two parts largely consist of a systematic redefining of “socialism” — an attempt […]

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