"There are more things in Heaven and Earth, Horatio, than are dreamt of in your philosophy."
The Laws of Economics and their Implications to society
American progressives are afflicted by a number of biases, which cause them to devalue the classical laws of economics. Nevertheless, whether they believe in those laws or not, those laws … Read More
Recently, I suggested that the members of the Biden Administration needed to take a remedial course in basic economics. Fundamental to the understanding of that subject are the four classical … Read More
Peter Navarro and Larry Kudlow, Donald Trump’s top advisors on foreign trade. Left: Prof. Peter Navarro Wikimedia Commons / White House Right: Larry Kudlow Wikimedia Commons / … Read More
The four greatest neoclassical economic philosophers: from top left clockwise, Adam Smith (Wikimedia Commons / Scottish National Gallery), J.B.Say (Wikimedia Commons), Carl Menger (Wikimedia Commons / Mises.org) , and David Ricardo(Wikimedia Commons … Read More
Left: Jean-Baptiste Say (5 January 1787 – 15 November 1832), Wikimedia Commons Right: John Maynard Keynes (5 June 1883 – 21 April 1946), Wikimedia Commons / National Portrait Gallery At … Read More
A modern day view of economists. By Rembrandt – The Yorck Project: 10.000 Meisterwerke der Malerei. DVD-ROM, 2002. ISBN 3936122202. Distributed by DIRECTMEDIA Publishing GmbH., Public Domain, Wikimedia Commons The … Read More
Claim checks on wealth. Image Credit: Freeimages.com/Jon Syverson This is the third part of a series of posts on the effects of Capitalism on the culture of … Read More
Chaos, chaos everywhere! Image Credit: Flickr.com/SantaRosa OLD SKOOL It is sometimes said that “if the only tool you have is a hammer, then everything you see looks like … Read More
Adam Smith, the builder of a majestic Gothic cathedral of economic thought. by John Kay (1742-1826)/Library of Congress (PD-1996) This is the second of two posts on the applicability of … Read More
Organization of a feedback loop Wikimedia Commons/Brews ohare – Own work My friend Chease has again proposed I consider a very interesting article concerning Adam Smith’s “Invisible Hand”. Last August … Read More
Demolition Explosion! Photo Credit: U.S. Department of Energy I am beginning to see suggestions that it is time to blow up New Keynesian economics to smithereens … Read More
Container ship from Asia Photo Credit: Flickr.com/Peter Kaminski Last Monday the United States and 11 other countries with shores on the Pacific Ocean reached … Read More
I was inspired to write this post by a person named Cai in a comment on Clouds and Global Warming. Not that the suggestive part of Cai’s comment had anything to … Read More
How arrogant people are who think they understand enough about a nation’s economy that they can control it! This thought came to me while thinking about the implicit assumptions progressives make. … Read More
Typical grocery store queue in Vilnius, Lithuania, USSR in 1990. Note the bare shelves. Photo Credit: Reddit/HistoryPorn Yesterday I published a post in which I viewed with alarm the rise … Read More
Because of the complexity of the Great Depression, there are several different ways in which you can date the beginning and ending of this immense event. Many people date the … Read More
This is the last of the major neoclassical economic laws we must cover. It completes the basic framework of neoclassic economics around which other economic statements can be derived. See reference … Read More
David Ricardo by Thomas Phillips, oil on canvas, circa 1821 Wikimedia Commons / Thomas Phillips (1770-1845) The next classical law of economics we shall investigate is Ricardo’s law of comparative … Read More
After thinking on what I posted yesterday on Say’s law of markets, it seemed to me that the formulation of the law should be given some further thought. Certainly, Say himself was … Read More
The next classical law we will look at is a statement that no self-respecting Keynesian would recognize as a law at all. Say’s law of markets was propounded by Jean-Baptiste … Read More
Although it might not be immediately obvious to you, the law of supply and demand implies one of the most important functions of money. Everyone knows money serves as a … Read More
The Muir portrait of the Scottish moral philosopher Adam Smith, the discoverer of the Law of Supply and Demand. Wikimedia Commons / Scottish National Gallery In this post I will … Read More
Since we are going to be writing a lot about economics in this blog, we should spend some time figuring out how seriously we should take it as an authority … Read More
