So-called economist Paul Krugman's latest screed expresses his fury that the GOP's proposed tax plan would include "a tax break for people whose income comes from owning a business rather than in the form of wages."
He characterizes this policy as proof that "Republicans despise the working class." Perhaps Krugman ought to revisit Econ 101 and reacquaint himself with the concept of 'risk.' … Read this article
The Ishango Bone is the oldest known example of ancient mathematics
I recently had an interesting (and short, because he quickly blocked me) conversation on Facebook with a self-styled "anarcho-primitivist" named Justin Stout. He claimed that "economics is a form of brain damage" and went on to make his case thusly: … Read this article
The whole notion of capitalism is that those with capital are incentivized to invest it in order to obtain a profit. If profits are outlawed or significantly reduced through confiscatory taxation, the incentive to invest is reduced or eliminated.
If profit is forbidden, I have no incentive to invest rather than consume. … Read this article
No matter who becomes president, the 'war on drugs' will continue. The prisons will stay full. Little old ladies will still get arrested for not mowing their lawns. The police will continue to kill people every day. No matter who becomes president, the drones will keep flying—and killing. … Read this article
This graphic is an excellent illustration of how the minimum wage actually works. Despite what its proponents may claim, the minimum wage cannot lift people out of poverty. Instead, it will bury them even deeper by making them unhirable, a commodity whose value has fallen below the artificial price floor enacted by the state. … Read this article
Economics is not everyone's forte and that's OK. The problem comes when those who are wholly ignorant of the subject attempt to impose their ignorance upon the rest of us via well-meaning but dangerously illogical campaigns to ignore economic realities and radically hikes the minimum wage. … Read this article
Upon learning that 71.6% of the minuscule fraction of eligible voters who even bothered to show up and vote today said yes to the West Ada School District's $96 million bond request, my first inclination was to damn the majority of my neighbors to hell. … Read this article
No amount of government spending will ever "eliminate poverty" because poverty is not actually caused by a lack of money; it's caused by a lack of ambition and productivity. There are some exceptions, of course, but in the vast majority of cases, poverty is a choice. … Read this article
As analysts and pundits rush to examine the potential impact of the Halbig decision, many are bemoaning the fact that the Affordable Care Act (AKA "Obamacare") may not survive if the decision stands. While I believe this is somewhat of an overstatement, it would be ideal if it were true. … Read this article
Those who advocate an increase in the minimum wage (particularly a drastic increase) are either economically illiterate or they secretly want to destroy the economy. Either way they are enemies of the free market and individual liberty.
The minimum wage is a government-imposed price floor on the commodity known as unskilled labor. … Read this article