Economics

 1.  A Slow-Motion Collapse, Robert Higgs, 2015.
2.  The American Worker.
3.  Defending the Ethical Enterpriser in an Anti-Business Climate, Richard Ebeling, April 2015.
4.  Leviticus, An Economic Commentary, Gary North, 1994.
5.  Wisdom and Dominion, An Economic Commentary on Proverbs, Gary North, 2007.
6.  Hierarchy and Dominion, An Economic Commentary on First Timothy, Gary North, 2012.
7.  The Anatomy of Social Security and Medicare, Edgar K. Browning, Summer, 2008.
8.  Protectionism v. Prosperity, Murray Rothbard, 1986.
9.  Most Iconic Product in Each State, November 12, 2015.
10.  Is Free Enterprise Biblical? Gary North, Nov. 14, 2015.
11.  Fed Lifts 40-Year Ban on Oil Exports, Wall Street Journal, December 16, 2015.  “In a move considered unthinkable even a few months ago, congressional leaders have agreed to lift the nation’s 40-year-old ban on oil exports [that makes it 1975], a historic action that reflects political and economic shifts driven by a boom in U.S. oil drilling.”
12.  “The Myth of U.S. Prosperity During World War II,” Robert Higgs, FEE, Thursday, September 8, 2011.
13.  What If We Confiscated the Compensation for All S&P 500 and Redistributed It to the Rank and File Workers? Mark J. Perry, February 12, 2016.
14.  Henry Hazlitt on H.L. Mencken.  Hazlitt mentions a few of Mencken’s books.  Men Versus the Man: A Correspondence Between Robert Rives La Monte, Socialist, and H.L. Mencken, Individualist, 1910.  From Hazlitt on Mencken, “He championed the freedom and dignity of the individual.”
15.  “The Nation’s Fiscal Doomsday Machine Is Here,” David Stockman via EPJ.  November 2018. 

Murray Rothbard “On the Future of Austrian Economics

CLASS ANALYSIS

Marxist and Austrian Class Analysis, Hans Hermann Hoppe, September 1, 2017.  

With regard to credit expansion, borrowing money that one cannot pay back, Dr. Gary North cited Ludwig von Mises’s critique of Keynes:

I begin with this principle: “Thou shalt not steal.” I supplement this with Jesus’ response to Satan when Satan tempted Him to turn stones into bread to feed Himself. Jesus cited Deuteronomy.

Then was Jesus led up of the Spirit into the wilderness to be tempted of the devil. And when he had fasted forty days and forty nights, he was afterward an hungred. And when the tempter came to him, he said, If thou be the Son of God, command that these stones be made bread. But he answered and said, It is written, Man shall not live by bread alone, but by every word that proceedeth out of the mouth of God (Matthew 4:1-4).

There are no free lunches.

Ludwig von Mises in 1948 identified the underlying impulse of Keynesianism as being the same as described here: stones into bread, meaning something for nothing through credit expansion. In that essay, Mises made an error of judgment.

TARIFFS

He does not see the employment that resulted from the savings made available to consumers by the imported goods.     Dr. Gary North

On the topic of tariffs, Dr. Gary North has really done the grunt work of working through the arguments that defend them.  The main reason for a section on tariffs is the way that they are sold by the President, Congress, Keynesians, or Leftist thugs.  Tariffs are protective measures by crony industries who call on Uncle Sam to assign an additional tax on products within certain industries, a tax that is essentially a sales tax since the person getting dinged by the tariff is the consumer in both countries.  Thanks to the Trumpian economic adviser, Peter Navarro, Trump has gone hog wild on trade tariffs on China, Mexico, and Canada, not to speak of the usual economic sanctions the U.S. has imposed on Iran, Iraq, and other Middle Eastern countries.  The arguments in defense of tariffs are numerous:  Americans losing their jobs to overseas competition; “Buy American,” even things like “Boycott Japanese Goods.”  Horrible. 

Tariffs: The Preferred Tax of Masochists,” January 28, 2016. 

Chapter 2: The Broken Window,” April 11, 2015. 

Christian Economics in One Lesson, Dr. Gary North.  “We Must Protect the American Worker,” Dr. Gary North, May 15, 2019.  Protectionists make the claim that cheaper goods from China are a threat to the American worker; therefore, tariffs are good because the higher prices on imports direct consumers toward cheaper goods made at home.  But cheaper goods are not made at home; this is why foreign goods or Chinese goods have an advantage–because they’re cheaper than domestic products. 

Let’s talk about the things not seen. The consumer who buys a cheaper product in America because it has been imported from China now has more money to spend or save. He is not going to put that money under his mattress. He is going to put it in the bank or he is going to spend it. If he spends it, he is going to spend it inside the United States. He is probably going to buy something produced in the United States. He is going to spend it on something produced by American workers in the United States.

Some folks assume that all Americans benefits from tariffs.  Not true. 

What happens to jobs in those sectors of the economy that do not get orders from consumers? They disappear. One group of Americans, namely, those working in industries protected by tariffs, benefit, but they do so only at the expense of American workers in other companies that cannot find buyers among consumers who are victims of government intervention.

The defender of tariffs cannot understand this. He does not think logically. He cannot imagine the things not seen. All he can see is that an American company goes out of business because of superior foreign competition. He does not see the employment that resulted from the savings made available to consumers by the imported goods.

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