The history of Spain is one beset by human tragedy. At first glance, the economic heritage of Spain seems cyclical, with periods of wealth and power followed by long epochs of poverty. Upon closer inspection, however, it becomes evident that even the years of wealth were at best illusionary.
Posts Tagged ‘Wealth’
The Anatomy of Deflation
George Reisman explains “good deflation”, the virtues of a stable supply of money and what occurs with increases in productivity. This explanation, thoroughly “Austrian”, goes against conventional economic “wisdom”.
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.
The Adam Smith Myth
Murray N. Rothbard shatters the myth that Adam Smith was the founder of the modern science of economic thought. Instead, he shows how Smith heavily borrowed from past economists without citing them or giving them credit.
The Burden of Wealth Tax
Duncan Russell on the negative side-effects of the wealth tax; the introduction of which is threatening an estimated 2.2 million Germans who may not be able to afford this new form of theft.
The Broken Window
Bastiat’s metaphor for explaining how destroying wealth to stimulate production of the same exact wealth does not stimulate economic growth. It is the basic metaphor for all arguments against state expenditures, and used heavily by economist Henry Hazlitt in his book “Economics in One Lesson”.
Out of Work: Lessons for Europe
The world is facing spiraling unemployment: especially Europe and the United States. According to the Economist, unemployment in the United Kingdom rose to 7.6% up to May 2009. Spain’s labor force is facing 17.4% unemployment. The Ecounemployment in eu and usnomist suggests that those unemployed are shifting the blame to foreign workers, who are willing to work for lower wages (and may have more experience), but then says that a more realistic scenario is that the increase in unemployment is due to an increase in the minimum wage.
Land Redistribution and the Poor Future of South Africa
The tale of South Africa is one of tragedy: its past and present governments have set the nation up on a very difficult road to prosperity. It would not be news to mention that Zimbabwe’s Robert Mugabe spearheaded land redistribution in that country to expropriate land from the whites to set up communal farms. The South African government had slowly undertaken a similar process, by buying white land and giving it to black South Africans. These land redistribution schemes promise widespread destruction of wealth and possibly economic crisis.
European Wealth
Comparisons between Europe and the United States are difficult to make, because different European countries have different standards of livings, different purchasing powers, et cetera. These comparisons are nearly useless.