What is Socialism?

Robert Heilbroner (1919 – 2005) defined socialism as “a centrally planned economy in which the government controls all means of production.”

Why is Heilbroner worth quoting on this matter? Because he knew what he was talking about. He was a committed socialist all his life. He was a best-selling author. His book The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers (1953) sold over 4 million copies. Clearly he was not stupid. And when he could not deny the evidence, late in his life he came to recognize that socialism had failed and was honest enough to admit that he had been wrong. Continue reading

Thomas Sowell on Intellectuals and Race

Prof Thomas Sowell of the Hoover Institution at Stanford University is an American institution himself. He is arguably one of the finest contemporary intellectuals. An economist by training, his output of books and articles is prodigious. A brilliant mind and an indefatigable warrior against the forces of unreason, ignorance, bigotry, tyranny, the controlling state, and so on and on.

Here are a few quotes from Dr Sowell.   Continue reading

Miscellaneous Quotes

The 3-legged stool of understanding is held up by history, languages, and mathematics. Equipped with these three you can learn anything you want to learn. But if you lack any one of them you are just another ignorant peasant with dung on your boots. — Robert Heinlein in Expanded Universe (1980)

It is difficult to get a man to understand something when his salary depends on his not understanding it. — Upton Sinclair

There is nothing more frightful than ignorance in action. — Johann Wolfgang von Goethe

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Democracy and the Economics of Politics

Lord Acton“Power tends to corrupt and absolute power corrupts absolutely. Great men are almost always bad men . . .”

The truth of Lord Acton’s observation gets confirmed with sickening regularity. Here I explore that point in the context of democracy. Why do democracies, particularly those with powerful governments, tend to elect bad people? What’s the analytical relationship between power, politics, money and corruption? Continue reading

Quote: Liberty and Government

“Liberty and good government do not exclude each other; and there are excellent reasons why they should go together. Liberty is not a means to a higher political end. It is itself the highest political end. It is not for the sake of a good public administration that it is required, but for security in the pursuit of the highest objects of civil society, and of private life. Increase of freedom in the State may sometimes promote mediocrity, and give vitality to prejudice; it may even retard useful legislation, diminish the capacity for war, and restrict the boundaries of Empire.”

— Lord Acton, The History of Freedom in Antiquity [1877]

Hayek on the Abstract Rules of Just Conduct

Hayek’s monumental work “Law, Legislation and Liberty” contains deep insights into what the proper functions of governments are, and how they should be understood and implemented. Every paragraph is worth quoting in full. But here are a few select bits extracted from the 3-volume work to give you a sense of Hayek’s ideas.
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