Economics

Richard M. Salsman reviews Objective Economics: How Ayn Rand’s Philosophy Changes Everything About Economics, by M. Northrup Buechner.

The Greek riots this past weekend have been sickening. “At least 45 buildings were burned, including one of [Athens’s] oldest cinemas, while dozens of stores and cafes were smashed and looted,” reports the AP. Why are the rioters upset? “More than 100,000 protesters marched to parliament to rally against drastic…

The realm of romance, like that of economics, is governed by Say’s Law. Supply constitutes demand. What you make of yourself (supply) is what you have to trade (demand).

Warren Buffett so loves the idea of higher taxes on the wealthy that the proposal to accomplish that even bears his name: the “Buffett Rule.” This week Buffett seconded Barack Obama’s call for “a minimum effective tax rate of 30 percent on those who earn a million dollars or more,”…

In the GOP’s response speech to President Obama’s State of the Union, Mitch Daniels said, “Contrary to the president's constant disparagement of people in business, it's one of the noblest of human pursuits.” Though Daniels’ speech is a mixed bag, his identification of the nobility of business is spot on…

According to various Occupy Wall Street protesters, profits hurt people and constitute injustice. For example, an Orange County protester held a sign reading, “People Before Profits”; he told Alex Epstein of the Center for Industrial Progress, “I think people’s interests [should] always come first.” I interviewed a Zuccotti Park Occupier…

Every Thanksgiving season seems to provoke a new round of lamentation over the fact that many people enjoy shopping the Friday after the feast. “Black Friday,” this day is called. But what’s so black about it? Stores and city streets glitter with holiday lights. Shoppers, often in bright-colored clothing, chatter…

Richard M. Salsman reviews Keynes Hayek: The Clash That Defined Modern Economics, by Nicholas Wapshott.

I would merrily accept a simple national sales tax as a replacement for the income tax—only if it followed the repeal of the Sixteenth Amendment. John Keel seems to misunderstand the purpose of my initial article about the so-called “Fair Tax.” I did not endorse the income tax over a…

[We received the following letter from John Keel regarding a recent post by Ari Armstrong, and we’re posting it here with Mr. Keels' permission. Mr. Armstrong will reply shortly. –Ed.] In his post “Fair Tax Looks Ugly in the Details,” Ari Armstrong makes several claims that I regard as false.…