After all, when most economists agreed that the Soviet economy worked just fine, Capitalism was still promoted by many of its advocates (apart from and von Mises) on the basis of the higher principle that freedom was better than a totalitarian police state.
Hurricanes are good [the "broken window" fallacy], rising oil prices are good, and ATMs are bad, we were advised: Destroying capital, lower productivity and costly oil will raise inflation and occasion government spending, which will stimulate output.
Hes going to have to spend money, but it wont be enough.
He did that by cutting the price of the car: Originally offered at $850 in 1908, the price of the Model T was cut to $600 in 1912, to $550 by 1914, and ultimately down to $300 by 1922 (about $4500 in 1995 dollars -- still cheaper than most cars), when he was selling more than a million a year.
What's this president's excuse?Bret Stephens, "2012: A U.S.
. Indeed, for Hegel the very dichotomy between the ideal and material worlds was itself only an apparent one that was ultimately overcome by the self-conscious subject; in his system, the material world is itself only an aspect of mind. ()
Referendum on Europe," , Tuesday, January 3, 2012
. This notion was expressed in the famous aphorism from the preface to the to the effect that "everything that is rational is real, and everything that is real is rational." ()
Regnery, "Balancing Acts," , October 2011, p.6 Robert J.
But, Question #4: If employers must cut prices in the deflation of a growing economy but cannot cut wages to the same degree, what is going to restore their profit margin?
Barro (Harvard), "Keynesian Economics vs.
The thinking seems to be that the profits of business should either be given directly to workers through pay raises or be taken by the government to be given to workers indirectly.
*lights candles on a cake and blows horns*
The employer therefore must have had a sufficient profit margin in the first place to absorb both the blow of declining prices against rising real wages and to be able to invest in sufficiently greater productivity to offset the new level of wages.
Those tail lights are works of art.
. Kojève alternatively identified the end of history with the postwar "American way of life," toward which he thought the Soviet Union was moving as well. ()