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Minimum Wage Laws: Litmus Test for Economists

Written by Gary North on February 24, 2014


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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Half of Our Economists Distrust the Free Market

Written by Gary North on February 11, 2014


Mark Perry is a free market economist. He has a blog on the site of the American Enterprise Institute. Recently, he cited a pair of editorials in the New York Times. They were on minimum wage laws. One was published in 1987. It called for a minimum wage law of 0. The other is recent. […]

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Multi-billionaire Laments: “Our Taxes Are Too Low!”

Written by Gary North on November 4, 2013

Bill Gross is a very rich man. He manages Pimco, the world’s largest bond fund. As is true of most American multi-billionaires, he is a Keynesian. He believes in the economically creative power of the state. He has understood how the state affects the markets through raw power, and he has profited enormously. In November, […]

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Cooked Books for 150 Days: $16,699,396,000,000

Written by Gary North on October 17, 2013

The Republicans capitulated this week. This comes as no surprise. Resisting the increase in the debt ceiling was a charade. The debt ceiling was breached in the week of May 17, but that was officially ignored by all. Treasury Secretary Lew set the rules, and Congress played his game. The House for 150 days accepted […]

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Queen QE: Yellen’s Nomination Pushes Up Stocks

Written by Gary North on October 10, 2013

The stock market’s reaction to the announcement that Janet Yellen is, as expected, Obama’s nominee to be Chairman of the Board of Governors sent stocks higher. Then they fell back. Then they rose. They closed higher. Yellen is a dove. She is more of a dove than Bernanke. This means that QE3 is likely to […]

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The Fake Threat: Government Default

Written by Gary North on October 4, 2013

The head of the International Monetary Fund has warned that a default on the debt of the United States government would create an international economic crisis. The Secretary of the Treasury says the same. Indeed, the entire establishment of international debt warns that the ever-growing debt of the U.S. government is central to the prosperity […]

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