Written in 1704
There is in England more labor than hands to perform it, and consequently a want of people, not of employment.
No man in England, of sound limbs and senses, can be poor merely for want of work.
All our workhouses, corporations and charities for employing the poor, and setting them to work, as now they [...]
Too bad that our last Fed Chairman was a dissembling, blithering idiot, a standing joke in his private practice, who could not find the optimal monetary policy with both hands. But he was a masterful politician and bureacrat, surrounded by fellow sycophants, and did know how to serve the banking interests and make himself look [...]
Ai note: must read for any serious investor. Andy Xie, guest economist to Caijing and a board member of Rosetta Stone Advisors Ltd.
Regardless of what investors or speculators say to justify their punting, the real driving force is the return of animal spirit. After living in fear for more than a year, they just couldn’t [...]
The net result remains: private loans will utilize existing resources and capital far better than government loans. Government loans will waste far more capital and resources than private loans. Government loans, in short, as compared with private loans, will reduce production, not increase it.
Henry Hazlitt
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Ai note: Bryan Caplan brings great dialogue about social democracy and free market, which one treats the poor best?
Agathon: “That means that the market system, in weighting utilities and adding them up, gives you a much lower utility than it gives Richard Cheney. In fact, if marginal utility of wealth is inversely proportional to the [...]