Tag: Economics

Marxism

Richard Wolff, professor emeritus, is a celebrated Marxist.[1] Being a Marxist is not a crime, although it ought to be considering the suffering, death and destruction that Marxism causes wherever and whenever it is tried.

Prof. Wolff is a fine example of an educated man who is totally lacking common sense and critical reasoning faculties. I am not generally so blunt but I think he’s an idiot too stupid to even realize the extent of his idiocy. It’s painful to think of the thousands of young minds he has ruined with his nonsense.

Where’s the supporting evidence, one may ask. OK. Try this. Continue reading “Marxism”

Biology and Economics

Charles Darwin at age 7 in 1816.

The relationship between economics and biology is historically important. The core idea in biology is Darwin’s theory of the origin of species through natural selection. Charles Darwin (1809 – 1882) was not the only one to come up with that. Around the same time, Alfred Russel Wallace (1823 – 1913) also proposed the mechanism.

Wallace was “an English naturalist, explorer, geographer, anthropologist, biologist and illustrator. He independently conceived the theory of evolution through natural selection; his 1858 paper on the subject was published that year alongside extracts from Charles Darwin’s earlier writings on the topic. It spurred Darwin to set aside the “big species book” he was drafting and quickly write an abstract of it, which was published in 1859 as On the Origin of Species.” [wiki] Continue reading “Biology and Economics”

Understanding Economics is Easy

In the previous post “Economics and Physics” I briefly explored why the basic explanations of physics are hard to understand and why the basic explanations of economics are easy to understand. Physics is called a “hard science”. I believe it is hard in the sense that advances in physics are made by supremely intelligent people and even comprehending them requires a good deal of training and intelligence.

Physics is also hard in that it is not some soft and squishy, namby-pamby whatever goes kind of nonsense, unlike in some other intellectual enterprises where people just make up stuff as they go along.

Continue reading “Understanding Economics is Easy”

Competition and the Creation of Wealth

This is a continuation of the brief piece about what’s wealth and where does it come from. Wealth, defined broadly, is important to us because it’s useful for our material well-being. Material well-being is not an end in itself but it is instrumental in providing the irreducible basis for our happiness and therefore it is a means to all other higher human aspirations and goals. Without a sufficiently wealthy foundation, it is hard if not impossible to live in peace and harmony with oneself and with others.
Continue reading “Competition and the Creation of Wealth”

Krugman became an economist because of Science Fiction

Excellent profile of Paul Krugman in the New Yorker by Larrisa MacFarquhar. It is long and interesting. A few excerpts below the fold. This is a must read if you have even a passing interest in economics. Economics is about people and it is done by people. Among contemporary economists, Krugman is as good as they come. Continue reading “Krugman became an economist because of Science Fiction”