All Posts Tagged With: "production"

Say’s Law Is Back

“Keynes . . . misunderstood and misrepresented Say’s Law. . . . This is Keynes’s most enduring legacy and it is a legacy which has disfigured economic theory to this day.” —Steven Kates[1] In researching my forthcoming book, The Story of Modern Economics (to be published by M. E. Sharpe next year), I came across [...]

1Aug1999 | | 0 comments | Continued

Understanding Say’s Law of Markets

One of the problems in the world of ideas, particularly in the social sciences, is that the insight behind old ideas can get lost as new ideas crowd the intellectual landscape. Often, the historian of ideas has the thankless task of reminding his colleagues that what they think some long-dead writer said is not, in [...]

1Jan1997 | | 43 comments | Continued

Why Wages Rise

“For low-paying jobs that already exist, public policy must aim at supplementing the income of the working poor. . . . One way would be to raise gradually the minimum wage.” —Wallace C. Peterson, Silent Depression[1] In the recent debate over the minimum wage and the working poor, I was reminded of a little book, [...]

1Aug1996 | | 4 comments | Continued

Legislation and Law in a Free Society

Libertarians and classical liberals have long sought to explain what sorts of laws we should have in a free society. But we have often neglected the study of what sort of legal system is appropriate for developing a proper body of law. Historically, in the common law of England, Roman law, and the Law Merchant, [...]

1Sep1995 | | 1 comment | Continued

Macroeconomics Reconsidered

Mr. Swan, a recent graduate of Grove City College, is a member of FEE’s staff and a graduate student at New York University. Mark Skousen’s reconstruction in The Freeman of the debate between the Austrian and Monetarist schools on the trade cycle challenges the economics profession. In recent “Economics on Trial” columns, Skousen hands down [...]

1Jul1995 | | 0 comments | Continued

A Walk on the Supply Side

In the movie Ferris Bueller’s Day Off, Ben Stein portrayed a high school teacher droning on about supply-side economics while students fell asleep and even drooled in their seats. Critics of supply-side economics must relish this and other pop-culture references, believing them to buttress their own view of supply-side as a kind of “pop economics.” [...]

1Jun1995 | | 0 comments | Continued

What Price Socialism?

Admiral Moreell is Chairman of the Board of Jones and Laughlin Steel Corporation. Modern socialism in its several varieties is the culmination of the dreams of countless men and women during the past century and a half. It is a movement which began to crystallize out of the chaotic remnants of the French Revolution. The [...]

1Oct1956 | | 0 comments | Continued

Serving Others

Mr. Fairless is Chairman of the Executive Advisory Committee, United States Steel Corporation. Ours would indeed be a sorry world if self-interest did not activate individuals to serve one another. As far as I know, there are only two basic motivations that cause you and me and other people to serve our neighbors voluntarily and [...]

1Jul1956 | | 0 comments | Continued

A Free Market

Admiral Moreell is Chairman of the Board of Jones and Laughlin Steel Corporation. What is meant by “the free market”? To answer this question we have to go back a step or two. Economics deals with desired goods in short supply. Air is not generally an economic good because there is enough for everyone and [...]

1Jun1956 | | 0 comments | Continued

The First Law of Economics

Mr. Reinach is a financial consultant, formerly a member of a New York Stock Exchange firm. The economic facts of life are many. But the grandfather of them all is the law of demand and supply. If this one law alone were thoroughly understood, it is highly improbable that government interference in the market place [...]

1May1956 | | 0 comments | Continued

Why Wages Rise: 2. Productivity

Dr. Harper is a member of the staff of the Foundation for Economic Education. Editor’s Note: In the first article of this series (March 1956 issue) it was shown that unions have no perceptible influence on national wage rates, if we may judge from changes in union membership and wage rates over the last century. [...]

1Apr1956 | | 2 comments | Continued

The Longer We Live

Mr. Rucker is President of The Eddy-Rucker-Nickels Company, Management Consultants. The difficulty of satisfying immediate needs during our working lives leaves many of us with little time to think of the economic challenge of retirement. But the challenge stands. Just now the senior citizens of the United States number more than 12.5 million; population experts [...]

1Feb1956 | | 0 comments | Continued

The Perfect Price

Mr. Fairless is Chairman of the Executive Advisory Committee, United States Steel Corporation. What determines the price of a ton of steel? Who sets it? Just what is the policy of United States Steel as to prices? Along with other successful American industries, we in the steel business learned a long time ago that the [...]

1Jan1956 | | 0 comments | Continued

The Essence Of Capitalism

Mr. Buck is statistician of The Toronto Dominion Bank. One of the inescapable facts of human life is that we must choose among alternatives. That fact furnishes us the clue to economic science. It is as simple as this. Two years ago, I wanted to hear a recital by Anna Russell and an address by [...]

1Sep1955 | | 0 comments | Continued

Letters

Unquestionably, one of the most effective forms of communication is a thoughtful letter written to a person in answer to his own question. The staff members of the Foundation for Economic Education write thousands of such letters each year. Some of these are, in effect, short articles on “general interest” subjects not fully covered in [...]

1May1955 | | 1 comment | Continued
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