Does capitalism destroy jobs?

If by capitalism one means “free market exchanges and production through the use of privately owned capital”, then indeed capitalism destroys jobs -- those jobs that are made redundant by increasing the productivity of labor. Imagine an economy which only produces food, and the only input to food is labor. Further imagine that the productivity … Continue reading Does capitalism destroy jobs?

Capitalism is based on Selfishness and Greed

Bringing you lower quality and fewer choices since the 16th Century, reads the caption to the image of capitalism. The grim image of the evils of capitalism is captured in William Blake's evocative phrase "the dark satanic mills." Is it true that because capitalism rests on selfishness and greed that we don't have a heaven … Continue reading Capitalism is based on Selfishness and Greed

Ludwig von Mises on Socialism

"A man who chooses between drinking a glass of milk and a glass of a solution of potassium cyanide does not choose between two beverages; he chooses between life and death. A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of … Continue reading Ludwig von Mises on Socialism