Economists ill-serve themselves be describing economics as being about the allocation of scarce resources. It is about the creation of resources. Oil, for instance, is described as a natural resource. It isn’t. In and of itself it is simply sticky
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George Gilder writes Unleash the Mind in National Review. It is from his soon to be released update of his classic Wealth and Poverty. ( I have already preordered on Amazon.) Excerpt: America’s wealth is not an inventory of goods;
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One potentially fruitful exercise has been to develop a new national income statistic that measures total spending in the economy, what (Murray) Rothbard called the Aggregate Production Structure. The purpose of this new national statistic, which I have dubbed Gross
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“In the modern capitalist world, in which the historical extremes of poverty have been widely overcome, the most acute moral issues relate to recognition of accomplishment and superiority- treatment not of the poor but of the excellent and gifted people
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