Economics

Pope Francis rails against capitalism; some religionists hopelessly attempt to defend it; Ayn Rand shows how to defend it properly.

Michael A. LaFerrara reviews The Forgotten Depression—1921, by James Grant.

The U.S. Treasury's scheme to remove Alexander Hamilton from the $10 bill is an injustice to Hamilton, a derogation of the country he founded, and another example of “identity politics.”

A review of Jim Collins’s Good to Great.

If everyone’s rights are equally protected under the law, it does not matter, morally speaking, that we do not earn or possess equal wealth. What matters is that everyone is free to live and produce and prosper in accordance with his own choices, efforts, and actions.

The deeper problem with Paltrow’s cause is that it presumes that taking wealth from some people by force and handing it to others is moral. It is not. Individuals have a moral right to use their wealth as they see fit. In no case may government morally seize people’s wealth by force and turn it over to others.

A 1792 U.S. penny, designed in part by Thomas Jefferson and George Washington, reads “Liberty Parent of Science & Industry.”

Stuff Matters: Exploring the Marvelous Materials that Shape Our Modern World, by Mark Miodownik. New York: Houghton Mifflin Harcourt, 2013. 272 pp. $16.45 (hardcover). Reviewed by Daniel Wahl In May 1985, a young Mark Miodownik sat on a train, with a fresh thirteen-centimeter stab wound in his back, and thought…

“Piketty’s Rickety Assault on Capital” dismantles and dispatches Thomas Piketty’s arguments against free markets and the principle of rights, including the “fuzzy math in Piketty’s alleged laws of capitalism.

Contrary to Jonathan Coppage’s claims, services in a market economy are fundamentally dependent on the ownership of property—both physical and intellectual—not somehow untethered from it. The Hank Reardens of the world, the industrial “makers” whom Coppage demeans, continue to play a fundamental role in the economy, and they always will.