Also, those who suffer from rationing will not be sanctified as martyrs, unlike those who suffer from the scarcity that would have been remedied had capitalism and voluntary exchange been allowed to function.Enklinobarangus ()
Another way to understand the answer is to note that what wages will buy depends on the value of money, while the value of money depends on the transactions the must cover, i.e.
Wage levels otherwise are to the welfare of workers -- i.e.
That he had a "firm grasp of monetary relaties" is questionable; but his understanding was right on, as Morris admits the politics being "heavily tilted toward the always-inflationist farm belt" -- farmers, of course, like the government itself, always being in favor of the inflation of defts.
Referendum on Europe," , Tuesday, January 3, 2012
However, these days I read Thomas Sowell's newspaper columns every week, and I have never seen him make any policy recommendations that were inconsistent with supply side economics.
Regnery, "Balancing Acts," , October 2011, p.6 Robert J.
However, although the correspondent was perfectly happy to continue accusing me of not having read Sowell, he was curiously reluctant to admit what the consequences and policy implications would be of Sowell's refutation of Say.
Barro (Harvard), "Keynesian Economics vs.
Now that we know how bad the Soviet economy really was, and the Left continues to promote socialist devices, a command economy, and ever more concentrated government power, we might wonder if the Soviet state was admired in the first place precisely for its lack of freedom, regardless of its supposed economic successes.
The missing piece is a global growth agenda led by a U.S.
So I told the correspondent, that if I was misrepresenting Sowell on this webpage, he should write to Sowell to warn him that some idiot on the internet was giving everyone the wrong idea about his thought.
The natural or default minimum wage is not any positive number.
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.
The response of capitalism is to increase production.
At this, the correspondent decided that I was calling an "idiot" -- although I don't know where is misrepresenting Sowell on the internet -- and that he couldn't keep writing to someone using insults in this way.