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Walter Williams Skewers Paul Krugman: Minimum Wage Laws

Posted on October 21, 2014

walter-williams

So as to give some perspective, I’m going to ask readers for their guesses about human behavior before explaining my embarrassment by some of my fellow economists. Suppose the prices of ladies jewelry rose by 100 percent. What would you predict would happen to sales? What about a 25 or 50 percent price increase? I’m […]

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“Full Faith and Credit” and Related Delusions of Grandeur

Written by Gary North on October 8, 2014

FederalRevenueGDP

Approximately half of all Americans receive government subsidies of one kind or another. This is seen by some conservatives as the demise of the American Republic, the death-knell of resistance to the welfare state. It is nothing of the sort. It is strong evidence of the opposite: the high-water mark of the American welfare state. […]

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Keynes, Lenin, and Hyperinflation

Written by Gary North on September 25, 2014

keynes

In 1919, John Maynard Keynes became an international figure of considerable influence because of his book, The Economic Consequences of the Peace. It was a critique of the Versailles Treaty’s imposition of reparations payments on Germany in the aftermath of World War I. In that book, Keynes made the following observations. Lenin is said to […]

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A Liberal’s Despair: Obama the Deficit Cutter

Written by Gary North on July 5, 2014

federal-deficit

At first, I thought this article was a parody. Then I realized the author is serious. The title: Obama’s greatest failure: The rapidly falling deficit. The author writes: Ever since 2009, when the recession and the stimulus package pushed the annual budget deficit to a peak of nearly $1.5 trillion, it has been falling steadily. […]

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Professor Tyler Cowen Wants the Pentagon to Break a Few Windows. Do You?

Written by Gary North on June 17, 2014

Pentagon

I begin with a statement. Would you say it sounds Keynesian? The continuing slowness of economic growth in high-income economies has prompted soul-searching among economists. They have looked to weak demand, rising inequality, Chinese competition, over-regulation, inadequate infrastructure and an exhaustion of new technological ideas as possible culprits.An additional explanation of slow growth is now […]

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Minimum Wage Laws: Litmus Test for Economists

Written by Gary North on February 24, 2014

Minimum-Wage-Laws

I have learned over the last half-century that there are two litmus tests of an economist’s commitment to the idea of voluntary exchange as a means of increasing net productivity and net income. One of them is the doctrine of free trade. The other is the doctrine of minimum-wage legislation as a source of increased […]

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