I read my first book by Joseph Stiglitz last semester. I read Making Globalization Work. I will admit that it is absolute junk, and absolutely horrible to read, but since then I have become addicted to his writing. It just makes great material to criticize. As to not leave me bored, Stiglitz published yet another [...]
Posts Tagged ‘market’
Roosevelt’s Recession of 1937
Roosevelt’s Recession of 1937, which saw the unraveling of supposed economic growth in the prior years, is oftentimes used as an historical example of what occurs when government decreases spending levels or the central bank fails to continue credit expansion. The use of this event to exemplify these things is disingenuous. More accurate lessons can be drawn, which show that only the market can fix itself.
Haiti: Two Hundred Tragic Years
Haiti, in the long-term, needs a government which supports the free-market, property rights and entrepreneurship. In other words, Haiti needs to move towards liberty and laissez-faire, otherwise it will remain susceptible to continued tragedies.
Why I Don’t Accept Pay Raises
My low hourly wage rate makes me an attractive employee. By accepting a higher wage rate I decrease my appeal by that much, meaning that it would make far more sense to remain relatively cheap. Unfortunately, minimum wage laws have disallowed me to reduce my wages even further, to remain competitive in a market with a labor surplus.
Joseph Stiglitz’ Words of “Wisdom”
Joseph Stiglitz, in “Making Globalization Works”, fails to understand the root causes for market instability. He blames “market fundamentalism”, while the real case is in fact the very regulation he supports.
In Search of that Mythical Free-Market Road Network
There may be many things that the private sector can do better than the State, but roads will always be a public good. A free-market road network would only exist in a world of fantasy. omeone should make this fact aware to the people of El Provencio, a small town in the province of Cuenca (Castilla-La Mancha, Spain). They have been living in a fantasy world for centuries.
Thoughts on Fractional-Reserve Banking
One of the most heated topics within the school of Austrian Economics is whether or not fractional-reserve banking would or should exist in a free market. There are considerable arguments put forth in support of either opinion by various scholars, but ultimately it seems as if fractional-reserve banking does not pass the test.
Forestation through the Free-Market
Roughly half of the world’s original forested surface area no longer exists. We depend on these forests for our survival. The key to long-term ecological sustainability is the free-market and private property rights.
Bubble Economics
A comment on Paul Krugman’s post on the housing market, interest rates and Ben Bernanke. By looking at irrelevant statistics one does nothing to avert future crises of the same nature—credit bubbles do not only form in housing.