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When businesses don't spend and invest, they don't hire and cannot offer better-paying jobs. Business investment and wages are two sides of the same mirror. If a company purchases five trucks rather than 10, there are five fewer trucking jobs.
Just as there can be little doubt that labor unions are a significant political force, neither can there be much question that this political force is a by-product of the purely industrial activities that unions regard as their major function.
Socialism, in the traditional sense, meant government ownership and operation of the means of production. Outside of North Korea and a couple of other spots, no one in the world today would define socialism that way. That will never come back.
But that the reasoning from these facts, the drawing from them correct conclusions, is a matter of great difficulty, may be inferred from the imperfect state in which the Science is now found after it has been so long and so intensely studied.
Clearly what differentiates the U.S. from other countries is the U.S. Constitution. The Constitution defines us as a people. Without the Constitution, we would be a different country. Therefore, to lose the Constitution is to lose the country.
Our grandfathers lived in a world of largely self-sufficient, inward-looking national economies - but our great-great grandfathers lived, as we do, in a world of large-scale international trade and investment, a world destroyed by nationalism.
Yeah, but look, who really provided the world's information to everybody on Earth? That was Wikipedia, right? And if you're asking what could we do to make the digital world work for people, the Wikipedia model is great. It's a donation model.
There are simple rules of engagement: You need to have your voice, but it has to be very intentional - be brief and to the point, with fresh ideas. Don't restate things someone else has said. Make eye contact with the person who has the floor.
One of the painful signs of years of dumbed-down education is how many people are unable to make a coherent argument. They can vent their emotions, question other people's motives, make bold assertions, repeat slogans-- anything except reason.
The time is long overdue to stop looking for progress through racial or ethnic leaders. Such leaders have too many incentives to promote polarizing attitudes and actions that are counterproductive for minorities and disastrous for the country.
Republicans won big, running as Republicans, in 2004. But once they took control of Congress, they started acting like Democrats and lost big. There is a lesson in that somewhere but whether Republicans will learn it is another story entirely.
The key questions will be: Are you good at working with intelligent machines or not? Are your skills a complement to the skills of the computer, or is the computer doing better without you? Worst of all, are you competing against the computer?
Charity is reaching into one's own pockets to assist his fellow man in need. Reaching into someone else's pocket to assist one's fellow man hardly qualifies as charity. When done privately, we deem it theft, and the individual risks jail time.
Putin probably, almost certainly, thinks that one of the great disasters of the 20th century was the demise of the Soviet Union. It's very obvious that he's trying to work its way back and maintain something similar to that sort of institution.
We need to ask the moral questions: Do I have a right to be rich? And do I have a right to be content living in a world with so much poverty and inequality? These questions motivate us to view the issue of inequality as central to human living.
This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.
This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression.
Smart financial planning - such as budgeting, saving for emergencies, and preparing for retirement - can help households enjoy better lives while weathering financial shocks. Financial education can play a key role in getting to these outcomes.
The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I can think of. For investment purposes, there are very few investors that shouldn't behave as if markets are totally efficient.
The distribution of the market is fat-tailed relative to the normal distribution... For passive investors, none of this matters, beyond being aware that outlier returns are more common than would be expected if return distributions were normal.
That there is little hope of international order or lasting peace so long as every country is free to employ whatever measures it thinks desirable in its own immediate interest, however damaging they may be to others, needs little emphasis now.
Planned parenthood" in the social history of the Western countries is, indeed, a phenomenon instrin-sically related to those very changes in peoples attitudes which, on the political plane, have been causing the trend towards economic planning.
Thanks to the central bank, most "monetary experts" and "leading macro-economists" can, by putting them on the payroll, be turned into government propagandists "explaining," like alchemists, how stones (paper) can be turned into bread (wealth).
The system has for its object an increase of persons that are to intervene between the producer and the consumer, living on the product of the land and labour of others, diminishing the power of the first, and increasing the number of the last.
I have learned as much in the last three years as in any other comparable period of my life, but with an added realisation of how little over a half century of study one has in fact managed to learn of the whole range of economic policy issues.
regulation is useful and proper, when aimed at the prevention of fraud or contrivance, manifestly injurious to other kinds of production, or to the public safety, and not at prescribing the nature of the products and the methods of fabrication.
The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods.
Our economy has not served large fractions of our population. Trump grasped that. And rather than saying, "What have we not done right?" he said, "It's those foreigners. Let's build a wall." He says globalization is unfair to the United States.
I am not really inclined to think there is any very effective regulation of the derivative securities markets that would be useful. People who go into it essentially ought to know what risks they're taking and I don't see any useful regulation.
In calling society an ecological system we are not merely using an analogy; society is an example of the general concept of an "ecosystem" that is, an ecological system of which biological systems - forests, fields, swamps - are other examples.
The owners of labor, on the other hand, are being taught, by the most powerful and well-publicized examples, that the highest rewards are not for production, but for the employment of organized power to take over a share of what others produce.
The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum for determining the "rule of the game" and as an umpire to interpret and enforce the rules decided on.
The U.K. and the U.S. could not have been built today without Africa's aid. It is all the resources that were taken from Africa, including human, that built these countries today! So when they try to give back, we shouldn't be on the defensive.
Americans have no idea why they have been at war in the Middle East, Asia and Africa for a decade. They don't realize that their liberties have been supplanted by a Gestapo Police State. Few understand that hard economic times are here to stay.
Putin responds to threats, to illegal sanctions, and to incessant propaganda with statements that governments need to respect each other's national interests and to work together for common benefit. No politician in the West speaks in this way.
Without a daily supply of proteins, vitamins, and minerals, no matter how much energy we get in the form of calories, our bodies and minds deteriorate because we are not able to fully replace the dying cells in our internal and external organs.
Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that.
So many idealistic political movements for a better world have ended in mass-murdering dictatorships. Giving leaders enough power to create 'social justice' is giving them enough power to destroy all justice, all freedom, and all human dignity.
The vision of the left, full of envy and resentment, takes its worst toll on those at the bottom - whether black or white - who find in that paranoid vision an excuse for counterproductive and ultimately self-destructive attitudes and behavior.
If sanity ever returns to our society and we stop taking pretentious elites seriously, one of the signs will be that the public will force the removal of those ugly pieces of twisted metal that are called 'art' in front of government buildings.
Some Google employees have their self-driving vehicles take them to work. These car robots don't look like something from 'The Jetsons'; the driverless features on these cars are a bunch of sensors, wires, and software. This technology 'works.'
Money is one of the greatest instruments of freedom ever invented by man. It is money which in existing society opens an astounding range of choice to the poor man, a range greater than that which not many generations ago was open to the wealthy
Because we live in a largely free society, we tend to forget how limited is the span of time and the part of the globe for which there has ever been anything like political freedom: the typical state of mankind is tyranny, servitude, and misery.
John Lott documents how far 'politically correct' vested interests are willing to go to denigrate anyone who dares disagree with them. Lott has done us all a service by his thorough, thoughtful scholarly approach to a highly controversial issue.
Keynes was scarcely a 'revolutionary' in any real sense. He possessed the tactical wit to dress up ancient statist and inflationist fallacies with modern, pseudoscientific jargon, making them appear to be the latest findings of economic science.
When somebody discovers something like the quadratic formula or the Pythagorean theorem, the convention in science is that he can't control that idea. He has to give it away. He publishes it. What's rewarded in science is dissemination of ideas.
There are new things we need to do in the labor market, in education, and in thinking about the future of energy sources. As long as we do those things everything really can turn out fine. But if we don't do them, we're going to be disappointed.
If anarchists are idealists, they may simply be likened to someone who finds himself swimming in a cesspool and, rather than paddling about looking for the area with the least amount of floating faeces, seeks to climb out of the pool completely.
As soon, however, as capitalist competition has definitively established the equal rate of profit, that rate becomes the starting point for the calculations of the capitalists in the investment of capital in newly-created branches of production.
Nobody is going to give away the farm in Kyoto. It is not anybody's to give away. And even if the United States Senate would actually ratify a bad treaty, anything called for under the treaty would require legislation passed through both houses.