Property ownership is central to liberty and civilization. Property rights prevent conflict over the use of scarce resources. Ironically, the term “intellectual property” (aka “IP”) represents a hodgepodge of concepts that generally introduce artificial scarcity and needless conflict.
Tag: wealth
The Five Institutions of the Market Economy
Let us see what the basic institutions of the market economy are. We may subdivide them for convenience of discussion into (1) private property, (2) free markets, (3) competition, (4) division and combination of labor, and (5) social cooperation. As we shall see, these are not separate institutions. They are mutually dependent: each implies the other, and makes it possible.
Thanksgiving Was a Triumph of Capitalism over Collectivism
This time of the year, whether in good economic times or bad, is when we gather with our family and friends and enjoy a Thanksgiving meal together. It marks a remembrance of those early Pilgrim Fathers who crossed the uncharted ocean from Europe to make a new start in Plymouth, Massachusetts. What is less appreciated is that Thanksgiving also is a celebration of the birth of free enterprise in America.
Who Benefits From Upper Class Wealth?
Many a social democrat and left anarchist decry the existence of wealth inequality, considering it evidence that a crime somewhere, some time has been committed, and that justice must be made through violent confiscatory and re-distributive government programs. To them such is perfectly just because it is the righting of a wrong. The state is a tool that may used in this way, just as for small government libertarians it may be used in self-defense. This is a type of self-defense by the have-nots against the haves. It make me wonder, however, just how beneficial wealth is to the haves, and even to the have-notes? Let us count the ways.
You’ve Got to Stop Voting
Boycotting elections alone will not oust the oligarchy, but it is the only proven non-violent way to delegitimize a government. Here are some of the most common canards that political party operatives use to argue against not voting, and my responses.
The Buy Local Fallacy
Advocates of the “buy local” movement claim doing so betters the local economy. The economics and reasoning behind this claim are misguided at best. Here are three areas the locavore’s rationale is wrong.
The Trouble With Politics
Politics is of its very nature is biased in favor of intervention and planning. Even in its “minarchist” or “night-watchman” version, politics is based at root on the idea that some decisions must be made coercively and imposed on unwilling minorities – or even majorities, as the case may be. This is contrary to the principle we observe in private life every day: the consent of both parties is necessary for a transaction to take place.
12 Articles Every Aspiring Economist Should Read
Nothing stirs up controversy in the digital age quite like a list. But lists, especially ones that provide an easily accessible way to learn essential information, have their purposes. Below, I offer 12 articles that I think every aspiring economist should read. Before we get to the list, let me say a few things about how I created it.
The State is a Tool, for Justice?
What this conversation and exploration of this social Democrat’s ideas and thought processes taught me was that the issue for most people is not a moral or ethical one. It’s an economic one. What the world is missing is sufficient understanding of economic law and logic.
What Teaching in China Taught Me About Freedom and Individuality in the World
Working in education gave me unique insight into the parts of culture normally hidden from outsiders and casual tourists. It also gave me a deep resentment for those who maintain their culture at the cost of corrupting young minds. To see children be made into vessels for arbitrary cultural values on a massive scale would be the fire that would consume me.