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[This article is adapted from a section of Chapter 14, specifically pp. 613–18, of the author’s Capitalism: A Treatise on Economics (Ottawa, Illinois: Jameson Books, 1996).] The Marxian doctrine of the alleged arbitrary power of employers over wages appears plausible because there are two obvious facts that it relies on, facts which do not

Mr. Warren Buffett 3555 Farnam Street Suite 1440 Omaha, NE 68131 Mr. Buffett: You have been quoted time and again, without any denial on your part that I am aware of, as having said, “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” In view of the seriousness of this statement, I have to

The recent mass shootings in Aurora, Colorado , and then in Oak Creek, Wisconsin , have led to renewed demands for “gun control” aimed ultimately at depriving the individual citizen of his constitutional right to keep and bear arms. It is believed that if the individual were deprived of this right, such shootings would not take place, because of

Hurricane Sandy caused the closing of a majority of the gasoline stations in the New York City area, did major damage to petroleum terminals, and reduced the ability of barges carrying fuel to reach their docks. All of this represented a substantial reduction in the supply of gasoline and other petroleum products in the New York metropolitan area.

1. New York Times Columnist Eduardo Porter on How to Raise Wages The following three paragraphs are a quotation from the article “ Unionizing the Bottom of the Pay Scale “ by New York Times columnist Eduardo Porter. The article appeared on the front page of the business section in the December 5, 2012 National Edition. The subject of the article

Runaway government spending is among the most important economic problems of our time. It is absolutely urgent that it be brought under control and progressively reduced until it is sufficient to provide for no more than the essential government functions of defense and justice. Only then will the citizens have the greatest possible individual

The recent collapse of a garment factory building in Bangladesh, resulting in the death, at latest count, of more than 1,100 workers who were employed there, has led to international outrage not only against the building’s owner but also against the various retailers in the United States and Europe, many of them prominent, that have sold clothing

The efforts underway by the Service Employees International Union, and its political and media allies, to raise the minimum wage from $7.25 to $15 per hour would, if successful, cause major unemployment among low-skilled workers, who are the supposed beneficiaries of those efforts. The reason is not only the fact that higher wages serve to raise

An Open letter to Thomas Perez, U.S. Secretary of Labor Dear Secretary Perez: Raising the minimum wage is a formula for causing unemployment among the least-skilled members of society. The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller are the

[ formatted from this  twitter thread - ed.] I present two conflicting theories of how the standard of living of the average wage earner rises: the prevailing, anti-capitalist theory, and my own, pro-capitalist theory. Keep in mind that every law ultimately rests on the threat to kill violators. That is the threat made against all who forcibly