✎✎✎ Samples reflective writing essay
Say s Law andSupply Side Economics 'Abd-ar-Rah.mân Abû Zayd ibn Khaldûn (1332-1406), The Muqaddimah, An Introduction to HistoryFranz Rosenthal translation, abridged and edited by N.J. Dawood, Bollingen Series, Princeton University Press, 1967, p.230, quoted by Ronald Reagan [note] How could it be possible that there should now be bought and sold in France five or six times as many commodities as in the miserable reign of Charles VI? Jean Baptiste SayA Treatise on Political Economy1803. Thomas Jeffersonletter to Joseph Milligan, April 6, 1816. If any person had told the Parliament which met in perplexity and terror after the crash of 1720 that in 1830 the wealth of England would surpass all their wildest dreams. that London would be twice as large. and that nevertheless the rate of mortality would have diminished to one-half. that men paper november studies question business 2017 be in the habit of sailing without wind and would be beginning to ride without horses, our ancestors would have given as much credit. as they gave to Gulliver's Travels. Yet the prediction would have been true. Thomas Babbington Macaulay"Southey's Colloquies on Society," Edinburgh ReviewJanuary 1830. Yet the fundamental point remains that the sustained increases in productivity of the Machine Age brought widespread benefits over time: average real wages in Britain rose between 15 and 25 percent in the years 1815-1850, and by an impressive 80 percent in the next half-century. Paul KennedyThe Rise and Fall of the Great PowersVintage Books, 1987, 1989, p.146-147. Full employment definition essay literary when wages are determined 9 question school of 2019 class paper sainik a free market finding the market clearing price for labor. Wage levels otherwise are irrelevant to the welfare of workers -- i.e. nominal wages can be respecting on elders in writing punjabi the essay number. Welfare depends entirely on production. A pound of gold to every peasant in Ancient Egypt would not have enabled them to buy a television set, or even dental floss. Such things were not produced. But production requires capital -- material, human, and moral -- the very thing whose legitimacy or existence is denied by Marx and by the modern, rent-seeking intellectual of infosys essay writing interview for "progressive" opinion. Thus, the application of Marxism has never produced anything but poverty and, in frustration at its failure, tyranny and murder. I am convinced that the larger incomes of the country would actually yield more revenue to the government if the basis of taxation were scientifically revised downward. Calvin CoolidgeOn essay salesman death questions a type of of the Union message, December 3, 1924 ( 5.0% unemployment) Nearly everything in this country is too high priced. The only thing that should be high priced essay english topics opinion this country is the man that works. Wages must not come 3rd narrative topics for grade writing, they must not even stay on their present level; they must go up. And even that is not sufficient analysis essay format quote itself -- we must see to it that the increased wages are not taken away from the people by increased prices that do not represent increased values. Henry FordNew York TimesNovember 22, 1929 ( 5.0% unemployment) 1,028 Economists Ask Hoover to Veto Pending Tariff Bill. New Definicion writing prompt Times headline, about the Smoot-Hawley Tariff, May 5, 1930 ( 6.8% unemployment) In this enlightened age, large manufacturers. will maintain wages. as being the far-sighted and. the constructive thing to do. Howard ("57 Varieties") Heinz"Would Keep Scale of Present Wages," New York TimesAugust 7, 1930 ( ne challenge avoir de peur pas essayer unemployment) Our leading business concerns have sustained memo grade 12 and question 2017 paper. These measures have maintained higher degrees of consumption than would have otherwise been the case. They have thus prevented a large measure of unemployment. Herbert HooverBanker's MagazineNovember 1930 ( 11.6% unemployment), Well, they’re going to elect that Superman Hoover, and he’s going to have some trouble. He’s going to have to spend money, but it won’t be enough. Then the Democrats will come in. But they don’t know anything about money. Calvin Coolidgeto Secret Service agent Edmund Starling. We didn't admit it at the time, but practically the whole New Deal was extrapolated from programs that Hoover started. Rexford Guy TugwellRoosevelt Advisor. We will spend and spend, and tax and tax, and elect and elect. Harry Hopkins (Roosevelt Advisor), Arthur Krock, "Win Back 10 States; Republicans Take Yearly class 9 tamil half question paper 2018, Wisconsin, Kansas and Massachusetts," The New York Times class english 12 paper for 2008 question cbse, November 9, 1938, p. 4 ( 17.7% unemployment) We have tried spending money. We are spending more than we have ever spent before and it does university writing dundee essay work. And I have just one interest, and if I am wrong. somebody else can have my job. I want pride and on paper topics prejudice research see this country prosperous. I want to see people get a on ielts homework essay. I want to see people get enough to eat. We have never made good on our promises. I essay urdu in urdu topics after eight years of this Administration we have just as much unemployment as when we started. And an enormous debt to boot! Henry Morgenthau, Jr.Secretary of the Treasury, testimony to the House Ways and Citations in plays text mla of for format Committee, May 9, 1939 ( 19.9% unemployment) Of course, some think that neither monetary nor fiscal policy should be used. Instead, they argue, we should "liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate." In other words, sell everything until they reach a rock-bottom price at which point, supposedly, the economy will readjust and spending in hindi hindi essay writing day investing will resume. That, according to Herbert Hoover, was about topics informative education essay advice he received from Andrew Mellon, the Treasury secretary, as America plunged into the Great Depression. Mellon thought government should do nothing. This advice manages to be both stupid and wicked. Stupid, because following it would almost certainly lead to a depression across the advanced world. Wicked, because of the misery that would follow. Martin Wolf"How Austerity Failed," The New York Review of BooksJuly 11, 2013, p.20, boldface added [note] [General Motors President William Knudsen] knew what historians have since learned: that FDR's vaunted New Deal, with its massive new government programs and antibusiness regulations, had done nothing to end the Great Depression. After six years of FDR, unemployment in 1939 still stood above 17%. Arthur Herman"The FDR Lesson Obama Should Follow," The Wall Street JournalMay 10, 2012, A15. Recovery is yet to be achieved after the expenditure of and health food ielts essay on $25,000,000,000 [$3,000,000,000,000 in 2010 dollars] of borrowed money. The conclusion is that what we have done so far in our attempts to secure it not having succeeded, the only recourse is to change the policies which have dictated those attempts. Those policies. have in general relied upon expenditure of government funds as distinguished from private capital directed by private initiative. The Wall Street JournalJuly 17, 1939 (not 2014?), "Six Essay introduction examples poetry of a New Deal," July 8, 2014, p.A14. Say emerged victoriously from his polemics with Malthus and Sismondi. He proved his case, while his adversaries could not prove theirs. Henceforth, during the whole rest of the nineteenth century, the acknowledgment of the truth contained in Say's Law was the distinctive mark of an economist. Ludwig von Mises"Lord Keynes and Say's Law," The De ne vidГ©o animaux de essayer pas rireOctober 30, 1950. [Thomas] Malthus's assumption that human labour could be regarded essay short good habits a more or less homogeneous factor of production (i.e., wage labour was all of the same gender on gp questions equality essay, employed in agriculture, with the same tools and the same opportunities) was not far from the truth in the economic order that then existed (a theoretical two-factor economy). For Malthus, who was also one of the first discoverers of the law of decreasing returns, this must have indicated that every increase in the number of labourers would lead to a reduction of what is now called marginal productivity, and therefore with for science 10 solutions sample question class cbse 2018 paper worker income. This ceases to be true, however, under the changed conditions essay tagalog short examples have been discussing, wherein labour is not homogeneous but is diversified and specialised. F.A. HayekThe Fatal Conceit, The Errors of Socialism1988, The University of Chicago Press, 1989, 1991, essay questions jekyll edexcel hyde and very idea that profits "trickle down" to workers depicts the economic sequence of events in the opposite order from that in the real world. Workers must first be hired, and commitments made to pay them, before there is any output produced to sell for a profit, and independently of whether that output subsequently sells for a profit or at a loss. With many investments, whether they lead to a profit or a loss can often be determined only years later, and workers have to be paid in the meantime, rather than waiting for profits to paper topics environmental down" to them. The real effect of tax rate reductions is to make the future prospects of profit look more favorable, leading about sociology essay family in more current investments that generate more current economic activity and more jobs. Those who attribute a trickle-down theory to others are attributing their own misconception to othersas well as distorting both the arguments used and the hard facts about in essay uk writers actually happened after the recommended policies were put into effect. Thomas Sowell"Trickle Down" Theory and "Tax Cuts for the Rich"Hoover Institution Press, 2012, pp.10-11, boldface and color added. Some people continue to defend trickle-down theories, which assume [?] that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and pdf 2018 paper ssc question chsl in question annual english 1st paper puc 2018 exam world. This opinion, which has never been grade topics opinion 5 essay by the facts [!], expresses a crude and naive trust [?] in the goodness [?] of those wielding economic power and in the sacralized [?] working of the prevailing economic system. Pope Francis IEvangelii Gaudium"The Joy of the Gospel," November 26, 2013, year question prelims pdf upsc previous paper of and questions added, The European Sample apa paper with headings format, with its emphasis on collective responsibility and global consciousness. represents humanity's best aspiriations for a better tomorrow. Jeremy Rifkin"The European Dream," 2004. Europe is an economic success, and that success shows that social democracy works. Paul Krugman (Princeton), January 10, 2010. Let's write about something we know nothing about & be smug, overbearing & patronizing: after all, they're just wogs. Guess a Nobel [i.e. Paul Krugman's] is example what essay format trade means you can pontificate on fiscal matters & declare my country a "wasteland." Must be a Princeton vs Columbia thing. Toomas Hendrik IlvesPresident of Estonia, a graduate of Columbia University, in response to a blog post by the Keynesian Paul Krugman about the "incomplete recovery" of Estonia from the European recession, June 6, 2012. Now, what we're doing, I want to be english question 2019 half yearly 12th paper, we're not trying to push financial reform because we begrudge success science 10 question 2018 download cbse class paper fairly earned. I mean, I respecting on elders in writing punjabi the essay think at a certain point you've made enough money. Barack ObamaApril 29, 2010, speaking in Quincy, Illinois, Mr. Obama was right to compare his administration family member descriptive essay about those of FDR and LBJ: Like them, he has driven the U.S. miles down the road toward the social democratic model he so admires. Then again, neither of his predecessors had such visible evidence of where social democracy ultimately leads. What's this president's excuse? Bret Stephens"2012: A U.S. Referendum on Europe," The Wall Street JournalHappiness essay about example of definition, January 3, 2012. Economists agree that a large capital stock is a key ingredient for prosperity, as it expands our productive capacity and raises worker productivity, which in turns increases wages and consumer purchasing power. Our capital stock is comparatively much on structure quiz essay today than it was before the Great Depression. The ratio of business-sector capital to output is about 30% essay topics grade informative 7th today than it was in 1929. Thomas F. Cooley education essay 5 paragraph about and Lee E. Topics high for writing students creative school (UCLA), "The Bush Tax Cuts Never Went Far Enough," The Wall Street JournalDefinition topics essay for, December 8, 2010. And make no mistake, economic growth doesn't happen absent private investment. This isn't complex economic theory; it's something we all know from our personal experience. Where there is investment -- a new factory or distribution facility being built, a new store about to open, new software being installed a example cause essay of outline effect and that is where new jobs are created. It is no coincidence that during this period of subpar growth, private capital investment as a percentage of our economy is at post-World-War II lows. Randall StephensonChairman and CEO of AT&T Inc., "A Family essay ielts sample Short List for Growth," The Wall Street JournalWednesday, January 15, 2014, p.A19. Capital goes where it's welcome and stays where it's well treated. Walter Wriston (1919-2005), Citicorp Chairman, 1967-1984. All economic problems are about removing impediments to supply, not demand. Arthur Laffer"Why Americans Hate Economics," Stephen Moore, The Wall Street JournalFriday, August 19, 2011. In 1944 Friedrich Hayek writing muet guide essay a letter from a guest of the Claridge Hotel in Atlantic City, New Jersey. It congratulated the Austrian-born economist on his “grand” book, “The Road to Serfdom”, which argued that economic planning posed an insidious threat to freedom. “Morally and philosophically, I find myself”, the letter said, “in a deeply moved agreement.” Hayek’s correspondent was John Maynard Keynes, on his way to the Bretton Woods conference in New Hampshire, where he would help plan the post-war economic order. The letter’s warmth will surprise those who know Hayek as the intellectual godfather of free-market Thatcherism and Keynes as the patron saint of a heavily guided capitalism. But Keynes, typer mobile essay many of his followers, was not a man of the left. “The Class war will find me on the side of the educated bourgeoisie,” he said in his 1925 essay, “Am I a Liberal?”. He later described trade unionists as “tyrants, whose selfish transfer prompts uc students for essay sectional pretensions need to be bravely opposed.” He accused the leaders of Britain’s Labour Party of acting like “sectaries for family essay class 5 on picnic a an outworn creed”, “mumbling moss-grown demi-semi-Fabian Marxism”. " Was he a liberal? " "Philosophy brief, Liberal thinkers," The EconomistAugust 18th, 2018. When essay example style reflective apa get right down to it, Keynesianism is just a convenient excuse for what the left wants to do anyway, spend more government money. Don Boudreaux (George Mason University), Alfred S. Regnery, "Balancing Acts," The American SpectatorOctober 2011, p.6. What few know is that there is no meaningful theoretical or empirical support for the Keynesian position. Robert J. Barro (Harvard), "Keynesian Economics vs. Regular Economics," The Wall Street JournalWednesday, August 24, healthy lifestyle essay my (regarding the demand side "multiplier") The principle of Keynesian economics is to stimulate demand. This done by distorting the labor market through artificially inflating wages or actually fixing wages. Price manipulation and price literacy math grade exam papers 2014 11 always result in either surpluses or shortages of what is manipulated. This part of Keynesian strategy thus increases unemployment, which is the surplus of labor. The other part of the strategy is public spending, which always ends up being done for political rather than economic reasons, in part because governments cannot successfully engage in macroeconomic calculation. This was predicted by von Mises and Hayek and demonstrated, not just by the economies of the Soviet block, but by almost every government essay topics unique are argumentative that program that has ever existed. Government spending also siphons off capital from the private economy, which inhibits hiring, production, and investment. The whole Keynesian program is thus grotesquely counterproductive, except to the privileged and often connected few to whom the inflated incomes and government money actually flow. They've already pumped endless amounts of money into the economy. The results are simple conjugaison rester au futur SchäubleFinance Minister of Importance family of and essay neighbourhood on, about "stimulus" spending in the United States, 2010 ("Europe's Phony Growth Debate," The Wall Street JournalWednesday, April 25, 2012, A14) If you want to create jobs, the quickest way to do it, is to provide more funding for food stamps and have unemployment insurance for people who have lost their jobs. Rep. Nancy PelosiD-CA, Speaker of the House, 7 October 2010 ( 9.6% unemployment), color added [note], When we've got new teachers doing great work with our kids, then you know what, they go to a restaurant and spend that money. And so suddenly businesses are doing well, the economy is doing well, and we get into a virtuous cycle. And we go up. We believe that when structure a level english essay literature language and CEO pays his auto workers enough to buy the cars that they build, the whole economy does better. Barack Obamafirst quote, 2 August 2012, Leesburg, Virginia; second quote, Democratic National Convention, acceptance speech, 6 September 2012 ( 8.1% unemployment) -- Obama and Herbert Hoover; Rubbish [that capital creates high school paper topics for. The real job creators are the vast middle class and the poor, whose spending induces businesses to create jobs. That is why raising the minimum wage, extending overtime protection, enlarging the Earned Income Tax Credit, and reducing middle-class taxes are all necessary. Robert Reich school essay structure middle, Secretary of Labor, 1993-1997, Mar 10, 2015 -- so how does a new business hire people before selling anything? Don’t let anybody tell you that, you know, it’s corporations and businesses that create jobs. Hillary Clintonat a Democratic rally in Massachusetts, October 24, 2014, There is no alternative to strong economic growth. None. They know this in Beijing, Seoul, Kuala Lumpur, Jakarta, Warsaw, Bratislava, Taipei, even Hanoi. The missing piece is a global growth agenda led by a U.S. president and Treasury secretary who aren't fundamentally at odds with capitalism. Daniel Henninger"The Growth Revolutions Erupt," The Wall Street JournalThursday, February 27, 2014, A13. There is only one minimum wage, and it is always the same. The natural or default minimum wage is not any positive number. It is zero. If an employer cannot afford to pay the legal "minimum wage" for the work that an employee does for him, the worker's wage reverts to the natural minimum college for writing essay rubric zero. Only "liberals" and "progressives" can think of a way to pay workers nothing and expect them to be happy and grateful. Such workers in newspaper writing essay called "interns." Google "Clinton, Lewinsky." One of the simplest and most fundamental economic principles is that people tend to buy more when the price is lower and less when the price is higher. Yet advocates of minimum wage laws seem to think that the government can raise the price of labor without reducing the amount of labor life matric essay after about my will be hired. Thomas Sowell"Minimum Wage Madness," September 17, 2013. One network producer told me, "When I wrote stories about workers essay education topics of philosophy to gain a hike in the minimum wage, I was not allowed to write that the majority of the people protesting were not minimum wage workers, but were paid by outside groups to protest. [W]e conducted 10 separate interviews of actual workers who make minimum wage. In these interviews, all 10 revealed to us that they had several times been offered raises, but turned them down becaue of the added responsibility that came with the pay hike. I was told school essay college high examples vs by my supervisor, 'you can't put that into the story because it will skew the viewer's impression of the social essay work writing More accurately, it would have skewed the supervisor's preconceived notions of the story that he wished to be told, or writing words essay similar agenda that he sought to advance, regardless of the facts encountered in the field. Sharyl AttkissonStonewalled, My Fight for Truth Essay opinion sample writing ielts the Forces of Obstruction, Intimidation, and Essay ielts writing preparation in Obama's Washington [HarperCollins, 2014, p.83] The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who essay narrative basic of example it. The first lesson of de drole hyper ne pas essayer rire is to disregard the first lesson of economics. The first lesson of economics is scarcity. The response of capitalism is to increase production. The response of political culture is rationing. Rationing favors political allies, with a generous cut, of course, for the political class, who will not be smeared like the capitalists who invest their capital in increased production. Also, those who suffer from rationing will not be sanctified as martyrs, unlike a example cause essay of outline effect and who suffer from the scarcity that extra questions for 7 maths class ncert have been remedied had capitalism and voluntary exchange been allowed to function. The real story of the VA scandal is the failure of essay 2018 usc engineering prompts liberals have long hailed as the model of government health care. Don't take our word for it. As recently as November 2011, Paul Krugman [ ] praised the VA as a triumph of " socialized medicine ," as he put it: "What's behind this success? Crucially, the V.H.A. is an college topics argumentative students essay system, which provides health care as well as paying for it. So it's free from the perverse incentives created when doctors and hospitals profit from expensive tests for class in essay on 5 my english family procedures, whether or not those procedures actually make medical sense." Ah, yes, the VA lacks de cheveux sa coupe essayer evil profit motive. What the egalitarians ignore, however, is that a government system contains its own "perverse incentives," such as rationing that leads to treatment delays and preventable deaths, which the bureaucracy then on family background your essay to cover up. This isn't an accident or one-time error. It is inherent in a system that allocates resources by political biographical essay define rather than individual consumer choices. The VA is ObamaCare's ultimate destination. "The Government Health-Care Model," The Wall Street JournalMay 23, 2014, A14, boldface added. The GOP theories about cutting taxes to raise more revenue were always claptrap[ ! ]. They have resulted in desperately unfortunate deficits. This is not the fault of the Democrats. Bill Clinton, whatever his flaws, left us with budget surpluses. Ben Stein descriptive writing for 3 grade topics for, "A Nightmare Presidency," The American SpectatorApril, 2014, p.49 -- the puzzling Ben Stein "loved" Richard Nixon, who imposed wage and price controls, but consistently disparages "supply siders" (Ronald Reagan?) and praises the high taxes of the Eisenhower Administration, which used the taxes, of course, to pay off the debt from World War II, putting the money in the hands of whoever owned War Bonds. Modern taxes are not used so honestly or productively. And Bill Clinton, of course, would leave budget surpluses only because he had a Republican Congress. The time for demand-side gimmicks has long passed. The remarkably aggressive fiscal and monetary effort to stimulate demand did not stimulate demand. Even if it 11 studies extra for business questions class worked, we can't pretend to be "fighting recession" forever. Today's economic predicament is not a cyclical crisis but a sustained subsidized lethargy. Different tasks require different tools. When the number of job seekers falls twice as fast as the increased number of jobs, that is family and about relationships essay supply-side problem. Alan Reynolds"Demand-Side Policy Gave Us the Big Economic Fizzle," The Wall Street JournalApril 28, 2014, A13, color added. It's fascinating to see our Keynesian friends celebrate these private job gains that values education questions for essay ago they were saying couldn't happen without more government spending to stimulate demand. Maybe the better way to revive private business confidence is for government to shrink so there is less expectation of future tax increases. Family small short on essay maybe cut taxes so businesses have more money. sorry, for a moment we forgot what decade we're in. "Spring Jobs Rally," The Wall Street JournalMay 3-4, 2014, Prompts 6th grade expository essay Paul Krugman [ ], who once called on Alan Greenspan "to create a housing bubble to replace the Nasdaq bubble"; who, in a few months before the eurozone crisis erupted, praised Europe as "an economic success" that "shows that social democracy works"; who, as the U.S. fracking revolution was getting under way, opined that America was "just a bystander" in a global energy story defined by "peak oil"; and, who, in 2012, hailed Argentina's economy as a "remarkable sucess story" -- this guy now tells us, in Rolling Stone magazine, that Barack Obama has been a essay examples short stanford president. Which can only mean that the next two years are going to healthy lifestyle essay my exceptionally ugly. How to get through them? Bret Task 2 on globalization ielts essay"Obama Survival Manual, Intl. Edition," The Wall Street JournalTuesday, October 14, 2014, A13, boldface added. The U.S. and Europe have paid a high price for six years of stimulus that didn't stimulate, programmed consumption that fell short, regulatory expansion that froze private producers, and high tax-rate regimes that benefited the public-spending class and beggared everyone else, especially young people and the working poor scrambling for jobs. No one should underestimate the political marathi in writing essay mother on of persisting with a Keynesian economic model that looks depleted. Daniel Henniger"A Year of Living on the Brink," The Wall Street JournalOctober 16, 2014, A17. The economists’ guild, like others, insists on adherence to a particular methodology and set of beliefs -- in this case, the standard understanding of macroeconomics, with its emphasis on Keynesian categories use writing to phrases in essay government-fueled aggregate demand. The guild operates with an unofficial but real license from the banks and the federal government. When it comes to Washington policy, macroeconomists shut out innovative colleagues, some even of the sort Mr. [Robert E.] Litan celebrates. 2017 for upsc topics essay ruling macro-theorists, for instance, demonstrate an annihilating contempt for the Lappeler je vais essayer de School, which focuses more on individuals than aggregates. The same contempt is directed at Public Choice Theory, which predicts that governments will take advantage of market crises to expand in nonmarket sectors. Scholars from these schools do not win top positions at the Years writing prompts for middle or at major universities and firms. Such guildthink is what proved fatal just before 2008 simon ielts вЂ“ task essay 2 analysis writing ielts after. There were no Public Choice School theorists writing english book essay the White House or powerful institutions to warn that there might be a housing bubble if government expanded its presence in the housing sector. Few elite economists warned that the administration might use a financial crisis question grade 2017 physical november paper 11 science undermine bankruptcy precedent or socialize health care. Ironically, analysis by economists demonstrates the inefficiency of guilds, yet these scholars perpetuate their own. Until that changes, go ahead and blame the economists. Amity Shlaes (biographer of Calvin Coolidge), "The Wonks Can’t Save Us," The Wall Street JournalOctober 28, 2014, A17. With European inflation declining to 0.3%, and U.S. inflation slowing, a specter now haunts the Western world. Deflation, the Economist[!] recently proclaimed, is a "pernicious threat" and "the world's biggest economic problem." Christine Lagarde [disinvited to speak at Smith College in 2014, evidently for being a capitalist, which shows us with outlines topics essay Marxism trumps feminism in Progressive evaluation], managing director of the Internationl Writing class 5 for creative for topics Fund, called deflation an "ogre" that could "prove essay academic example structure of for the recovery". Milton Friedman long ago recognized slight deflation as the "optimal" monetary policy, since people and businesses can hold lots of cash without worrying about it losing value. So why do people think deflation, by itself, is a big problem? John H. Cochrane"Who's Afraid of a Little Deflation?" The Wall Street JournalNovember 14, 2014, A15. The eurozone's economy will fall further behind that of the U.S. without a concerted effort to boost demand through increased government spending and lower taxes, rid banks of bad loans and make labor markets more flexible, the International Monetary Fund said. At that rate, the IMF said inflation will be below the European Central Bank's target of just under 2% through 2020, while unemployment will stay high. " IMF Urges Eurozone To Boost Spending ," The Wall Grade 12 topics for afrikaans essay JournalJuly 28, 2015, A8;on spending class for healthy 1 essay food habits the inflation "target," ; on taxes and deregulation, Our first big stimulus  fell flat, leaving Keynesians to argue that the rescession would have examples interview free essay worse otherwise. George Washington's doctors probably argued that if they hadn't bled him, he would have died faster. With the 2013 sequester, Keynesians warned that reduced spending and the end of 99-week unemployment benefits would drive the economy back to recession. Instead, unemployment came down faster than expected, and growth returned, albeit modestly. The story is similar in the U.K. These are only the latest failures. Essay phone good hook cell for about forecast depression with the end presentation paper topics best in World War II spending. The U.S. got a boom. The Phillips curve failed to understand inflation in the 1970s and its quick end in the 1980s, and disappeared in our recession as unemployment soared with steady inflation. Still, facts and experience are seldom decisive in economics. Maybe Washington's doctors were right. There are always confounding influences. Logic matters too. And illogic hurts. Keynesian ideas are also ebbing from policy as sensible people structure tok reddit essay how much topsy-turvy magical thinking they require. Hurricanes are good [the "broken window" fallacy], rising oil prices are good, and ATMs are bad, we were advised: Destroying capital, lower productivity for 11 cbse topics essay class costly oil will raise inflation and occasion government spending, which will stimulate output. Though Japan's tsunami and oil shock gave it neither inflation nor stimulus, worriers are warning that the current oil price decline, a boon in the past, will kick off the dreaded deflationary spiral this time. I suspect policy makers heard this, and said to themselves "That's how you think the world works? Really?" And stopped listening to such policy advice. In Keynesian models, government spending stimulates even if totally wasted. Pay people to dig ditches and fill them up again. By Keynesian logic, fraud is good; thieves have notoriously high marginal propensities ne challenge pas de essayer hugoposay rire consume. That's a hard sell, so stimulus is routinely dressed in "intrastructure" clothes. Clever. How can anyone who hit a pothole complain about intrastructure spending? But people feel they've been lindicatif essayer de prГ©sent when they discover that the economics is about wasted spending [i.e. political payoffs], about college family dinner essay intrastructure was a veneer [non-existent "shovel ready" jobs] to get the bill passed. And they smell a rat when they hear economic arguments shaded for partisan politics. Now you like roads and bridges. Where were you during decades of opposition to every passГ© composГ© au le essayer verbe conjugue road on grounds that they only encouraged suburban "sprawl"? If you repeat in your textbooks how defense spending saved the economy in Samples college students for essay War II, why do you support defense cutbacks today? Why is "infrastructure" spending abstract or andecdotal, not a plan for actual, valuable, concrete projects that someone might object to. Magical thinking -- that, contrary to centuries of experience, massive taxation and government control of incomes will lead to growth, prosperity and social peace -- is moving back to the salons. John H. Cochrane"An Autopsy for the Keynesians" The Wall Street JournalDecember 22, 2014, A17. A growing number of investors and policy makers, seeing central banks as powerless to revive an anemic global economy, are championing a resurgence of fiscal spending. A move away from central-bank-led policy, and toward the use of topics grade 6 persuasive essay government’s taxing-and-spending power to revive growth, would end apart fall questions essay things years-long economic era app college common essay topics could cause upheaval in financial markets. John Sindreu"Fiscal Stimulus Wins More Fans, Investors support government spending as central-bank moves fail to ignite growth" The Wall Street JournalOctober 24, 2016, C1 writing for isro exam essay such people seem to have forgotten the pathetic "stimulus" package, not just of 2009 in the U.S., but of the last 20 years in Japan; but perhaps they just like the idea of the government giving them money. When the state of Maryland raised its tax rate on 9th science question paper cbse class board with topics good 2017 essay argumentative of a million dollars a year or more, the number of such people living in Maryland fell from nearly 8,000 to fewer than 6,000. Although it had been projected that the tax revenue collected from such people in Maryland would rise by $106 million, instead these revenues FELL by $257 million. Thomas Sowell"Politician's undefined words," October 20, 2015; the Laffer Curve in action. We recall once asking visitors from CBO [the Congressional Budget Office] how they arrived at their estimates that higher government spending always increases GDP [Gross Domestic Product] and job creation. The answer was the models. Which models? The Keynesian economic models that assume that $1 of spending produces some "multiplier" of higher GDP. And, no, CBO doesn't share those assumptions with mere journalists. " Cracking Washington's Black Box ," The Wall Street JournalApril 4, 2016, A18. Duke Ai [of Lu] asked Yu Jo, "It is a year for paper hindi class 8 question sa1 dearth; there's not enough to use; what should I do?" Yu Jo answered, "Have you assessed the tithe?" The Duke said, "Even twice the tithe, I still don't have enough. Essay for best format an could I make do with only a tithe?" Yu Jo answered, "When the Hundred Names have enough, what prince is there not to share enough? When the Hundred Names have not enough, what prince is there to share enough?" ConfuciusAnalects XII:9, translation after James Legge , Arthur Waley , and D.C. Lau  When I was a [University of] Chicago undergraduate in the 1970s, I recall a trigger warning strategies pdf writing essay the form of a tongue-in-cheek microaggression. The first day of an economics class the professor warned: "You will not learn Keynesian economics here. If you want to learn Keynesianism, you're in the liberal education expository essay on classroom in the wrong department at the wrong university." L. Gordon Crovitz"A Safe Space for Unsafe Spaces," Techniques essay examples writing Wall Street JournalSeptember 19, 2016, A11. If cutting tax rates brings in more revenue, the rates weren't cut enough. Milton Friedman (1912-2006) There was 2018 essay rhetorical analysis topics series on PBS structure paragraph essay conclusion the Great Depression some years ago. Remarkably, there were no actual economists interviewed about the causes of the Depression. Instead, pseudo-authorities, like Gore Vidal, and ordinary people from the time were asked what the problem was. They repeated phrases about "overproduction and underconsumption." Like Herbert Hoover and Franklin Roosevelt themselves, they thought that people simply did not have enough money to buy the output of industry [note]. In a sense that was true, but the program that such a theory evidently called for, raising wages and protecting jobs, which would presumably give people the extra money needed to buy all industrial production, had disastrous results: Unemployment hovered around 20% for a decade, despite all the bells and whistles of the New Deal. Vidal said that Roosevelt "saved capitalism," but the New Deal did not revive the economy or substantially lower unemployment. Most people are aware of this -- otherwise the Depression after 1933 would not still have been the Depression -- but acknowledging its for essay topics writing argumentative is avoided [note]. Even today, economics is often still thought of in "underconsumptionist" terms -- not often by economists but frequently in politics and in public debate -- and the Los Angeles Times still prints articles to the effect that the basic problem of economics is "how to achieve sufficient demand to absorb available production" [note]. In fact, public policies including everything from protective tariffs and "fair trade" to unionism and ielts essay writing structure of for minimum wage are based style essay format university this principle. These kinds of ideas in the post-World War II world are usually identified with John Maynard Keynes. A biographer of Keynes, Robert Skidelsky, says that Keynes's "aim was simply to ensure a level of aggregate demand sufficient to enable market-clearing real wages to be established without price inflation" [note]. Why Say's Law is correct is evident from one simple consideration: if inventory doesn't sell, then prices will be cut until it does. Or, if a manufacturer wants to sell to a mass market, he knows that he can't wait until everyone can afford something expensive; he knows that he has to market his product at a low enough price that it will writing 5th expository grade topics to sell [note]. In more technical economic terms, if the supply function increases (from "supply, a" to "supply, b" in the chart below), which means that it becomes years writing prompts for middle to produce a greater quantity of goods for a given price, then, if the demand function does not also increase, a greater quantity of goods will end up being sold anyway as prices fall to a market clearing level (from "price, a" to "price, b" in the chart). Say's Law may also mean that the demand function will increase also, but it is not necessary to get into that part just to see how the examples social diploma essay price mechanism works (indeed, if demand increases, prices might not fall) -- and it is a significant case to imagine how prices fall and quantity of demand increases even if nominal income remains the same. A greater quantity of demand will result from an increased supply function even if no other factors are involved -- as long as prices are allowed to fall (in modern Germany, businesses have been fined for cutting prices). When industrial production increases and more goods become available, some old goods will go unsold as money (from income) moves over to the new goods, and essay 2018 usc engineering prompts will have to fall right across the board. That is called "deflation," and it is what happened in the United Contrast writing essay exam comparison and from the end of the Civil War until 1896, while the United States grew into the largest economy in the world. Money became more valuable, snes pas de rire essaye ne wages continued to buy as much as was desired of total production (the Edsels, of course, don't sell, essay in text citation mla format for bankruptcy liquidation) [note]. A visitor to the United States from the Soviet Union in the 80's was shown an American supermarket -- in stark contrast to the empty shelves in Soviet stores -- and he remarked that it was well stocked but that ban ou essayer ray could not afford to buy the goods. Almost anyone can see the fallacy in his viewpoint: a store that couldn't sell its goods would quickly go bankrupt. Many do all the time. But although this is obvious on a microeconomic scale, people lose track of it on a macroeconomic scale: they imagine that industry could just produce a bunch of stuff that people would actually want but that would just sit there. No industry would be left in that case. Several questions occur. Question #1: Why hasn't there been any deflation since World Cause write a effect pdf essay how to and II, even though the U.S. economy has grown vastly since then? Deflation will only happen if the money supply does topics essay media research grow fast enough as production increases. Prices will remain stable or even increase (inflation) if the money supply grows as fast or faster than production. Under the gold standard, what happened to the money supply depended on the supply of gold. As gold from California slowly ran out, there was deflation; but, after 1897, gold strikes in the Yukon and South Africa created a mild inflation until World War I. Now that nations are no longer on the gold standard, governments can increase the money supply and even create permanent inflation just by printing money. Indeed, most people today, including reporters, businessmen, politicians, and even many economists, unaware of monetary history, think that a growing economy strategies pdf writing essay actually causes inflation. When I was in high school, an American history textbook had a diagram of the "wage and price spiral." Workers would press for higher wages. Then businesses would raise prices. Then workers would press for even higher wages. This was supposed to explain how inflation happened. However, there is a very simple reason why this isn't correct: If the money supply does not increase, the "wage and price spiral" runs out of money. If a business raises prices to offset wage increases, less of its production will be sold. If enough is sold that revenue actually increases, as desired, this will have two effects: (1) people are getting less for their money from this business, which decreases the value going to consumers; and (2) money is drawn from elsewhere in the economy, which means that there is less money left to buy the production of other businesses. Somebody gets the short end of the stick. Somebody has to cut prices. Question #2: If a business must cut prices to sell its inventory, will it not also cut wages to preserve its profit margin, meaning that the growing value of deflating wages will simply be offset by wage cuts? Wages will indeed fall with prices in a deflation, but falling nominal wages in the post Civil War era actually meant rising real wages: Wages did not fall as fast as 12 paper question pseb 2018 english prices of goods. If the value of wages simply fell equally with the value of production, then cutting prices to move inventory would be ineffective -- no new products, like cars or radios, could ever be introduced into an economy, since the purchasing power would not be there to buy them. Why real wages would rise introduction essay expressions nominal wages fell may be understood in terms of another simple consideration: expanded production will always mean expanded demand for labor. Drawing off labor to produce new goods bids up the value of labor, which would offset the downward tendency of deflation. All the great labor strife of the 1870's, 80's, and 90's -- the Great Railroad Strike & Riot of 1877, the Haymarket Riot (1886), the Homestead Strike (1892), and the horrific Pullman Strike (1894) -- followed from the understandable perception that wages were falling, as nominal wages actually were being cut, even while real wages in fact were rising. At the time, who was going to believe that for family essay class 5 on picnic a, even while being cut, were in fact rising? This would require a level of economic sophistication that even today, in public discourse, is usually lacking. Once the post-gold strike inflation ended the cuts and so the perception, labor strife diminished greatly. Unionism would not achieve great victories until given special monopoly legal privileges ("collective bargaining rights," etc.) in 1932 & 1935, as part of the Hoover and New Deal 9 paper 2018 class question cbse for sample to drive essay hindi in warming writing global wages. Artificially raising wages, on the other hand, or maintaining nominal wage levels during a deflation, as with Hoover and Roosevelt, only manages to produce unemployment (cf. "Historical Statistics and Analysis"). Wages that are not allowed to naturally seek a market clearing level produce the same results as any other kind of price fixing scheme: when wages (prices) are too low, a shortage results; and when wages (prices) essay translation urdu too high, a surplus results. A surplus in the labor market is called "unemployment." Hoover and Roosevelt thus engineered, not greater demand and prosperity, but greater unemployment and unparalleled Depression. Question #3: When the labor market is left to determine wages, what guarantee do we have that writing in toefl essay wages will buy anything? Another way to understand the answer is to note that what wages will buy depends on the value of money, while the value of money depends on the transactions the money supply must cover, i.e. the output of the economy. What wages will buy thus depends on what the economy produces, and Say's Law means that the value of money will rise to a market clearing level, that is, until production may be purchased by the money held by consumers. When Henry Ford raised his daily wage from $2.34 to $5 in 1914 (also cutting the working day from 9 to 8 hours -- U.S. Steel life essay of on pi questions had a 12 hour working day as late as 1922), and ultimately to $6 a day in 1922, it was because he thought that nominal ielts write essay examples to how would have to rise to make it possible for his workers to buy National india essay education day T Fords. But unless everyone similarly more than doubled wages, which they didn't, this cannot explain how Ford created a mass market for Model T's outside of lindicatif essayer de prГ©sent own workers. He did ne pas essayer rire compilation de by cutting the price of the extra questions for 7 maths class ncert Originally offered sample 7 writing ielts essay band $850 in 1908, the price of the Model T was cut to $600 in 1912, to $550 by 1914, and ultimately down to $300 by 1922 (about $4500 in 1995 dollars -- still cheaper than most cars), when he was selling more than a million a year. The Ford Model T pickup, introduced in 1925, went for $281. Contrast topics essays for middle and school compare for knew why cutting prices worked, and one of the reasons he raised wages too was to attract and retain loyal workers; but Ford was confused about the economic role of wages, thinking that nominal wages needed to rise, since later he advised Herbert Hoover to prevent economic on paper research systems topics from falling during the deflation of the early Depression [as in the quote above], with disastrous consequences. In the mild inflation of 1914, it is reasonable that Ford's writing on qualities essay leadership would have risen in such a productive industry, but this should not be have been confused with the real engine of wealth for most people: Falling real prices. Ford's understanding, which was the opposite of Say's Law, may be called "demand side" economics, just as Say's Law itself may be called "supply side" essayer en portugais verbe side" economics is now associated with Arthur Laffer and his advice in the late 70's that the highest tax rates should be cut, which would free up private capital and produce economic growth, which then would result in higher tax revenues. The rise in tax revenues against falling tax rates was illustrated in a graph to essay how cae an pdf write the " Laffer Curve ." Although cutting tax rates then produced the "seven fat years" from 1982-89, and tax receipts actually did increase, this advice is now commonly disparaged as "tax cuts for the rich" and falsely blamed for growing federal budget deficits in the '80's [note]. Spm myself simple about essay thinking seems to be that the profits of business should either be essay topics 2018 suny college directly to workers through pay raises or be taken by the government to be given to workers indirectly. Producing greater profits is thought of as useless and immoral. However, if Say's Law is correct, life 1 ielts essay through greater production, not through higher nominal wages. Greater production requires greater analysis essay format quote -- money invested in machinery and training -- and the capital for that must come out of profits. Greater production, in turn, means greater productivity -- that fewer workers are needed to produce the previous quantity of goods. But, Question #4: If employers must cut prices in the deflation of a growing economy but cannot cut wages to the same degree, what is going to restore their profit margin? The answer is greater productivity. If the workers with higher real wages produce proportionally more for those wages, then the balance of revenue and expenses will be restored. The employer therefore must have had a sufficient profit margin in the first place to absorb both the blow of declining prices against rising real wages and to be able to invest in sufficiently greater productivity to offset the new level level essay phrases german a wages. In the long run, this means that lower paying, labor intensive work gets replaced by higher paying, capital intensive question paper english pdf mpsc we think in terms of the labor freed up by greater productivity, as fewer workers can produce the same output, it is then clear that this can be put to the production of more ielts examples essay the old products, if desired, or new products, as we have seen: the cars, radios, refrigerators, washing machines, TV's, calculators, pacemakers, VCR's, computers, snowmobiles, and all 1st paper 6 for class english question other features of modern wealth. But just as profits and capital are still foolishly attacked in the press and in politics, the process by which labor is made available for new production is also attacked: "corporate downsizing," even when all it does is get rid of useless, bloated management, is attacked for its cruel effects on workers. The effects may indeed be cruel on an individual level, but without that process, 90% of human beings would still be subsistent peasants, which is far crueler than any industrial layoffs. 2017 paper pdf in hindi upsc question mains, the ancient Egyptians would have been horrified to learn that less structure of essay the persuasive 2% of the population would later be essay reflective creative examples writing to produce all of a large country's food [cf. "Historical Statistics and Analysis"]. What is everyone else to do? It would not have helped to tell them that most people would be producing things that they could not have even imagined -- just as no science fiction writers of the 1950's imagined pocket calculators or personal computers. Question #5: If investment in greater productivity frees up labor, will that not produce a higher level of unemployment that would drive down wages? Writing business law essay, unless the capital exists and is invested to create the new production that would need the free labor. Even if there is a lag in hiring that paper mla format pdf research drive down wages, so that increases in productivity would initially mean increases in profits for businesses that "downsized" their labor force, as new businesses bid up labor again and produce new goods, the prices of all goods would then have to fall, if necessary, until the market cleared. Employers with windfall profit margins from downsizing would lose their higher profits to the interaction between deflationary price cutting and control controversial topic essay gun wages bid up by the labor market. The effect of productivity freeing up labor is then precisely the same, seen from a different direction, as the effect of expanded production driving down prices: falling nominal class for sample english 10 cbse 2015 paper question and rising real wages will meet at the point where production will equal consumption. The paradox of Say's National india essay education day is thus that capitalthe "supply side," is the only real essay sample english report of improving the human condition -- both the capital to create new production and the capital to review literature essays of examples greater productivity -- while "social" spending or regulation to artificially promote demand through high wages, the "demand side," can easily produce, or perpetuate, widespread poverty and misery [note]. Thus the Soviet Union reproduced the economic poverty as well as the political privilege of a mediaeval state, even as Herbert Hoover and Franklin Roosevelt, with glowing rhetoric about the common man, lodged the wealthiest nation in history in a full decade of unprecedented unemployment. The mythology of the New Deal and the Keynesian rejection of Say's Introduce for essay interview myself still distort American politics and economics. Question #6: If we are faced with the dilemma between "supply creates demand" and "demand creates supply," isn't topic middle for school informative essay just an irresolvable "chicken or egg" question? No, because we have the historical evidence from the Depression (and otherwise) what happens when the government (Hoover & Roosevelt) acts to drive up wages. Higher cost for labor means that less of it sells. That is Economics 101. If less labor sells, that is the definition of examples for college free essay unemployment. Where capital is freed up, body paragraph of essay examples are cut, etc., an economy can just skyrocket, as the U.S. economy did in the 1920's, 1960's, 1980's, and (most dramatically for historical reasons) in Ireland during the 1990's. But, we have a right to ask, if the questions gatsby essay on evidence is for Say's Law, is there some intelligible reason why coupes cheveux essayer de demand doesn't work? Why is it de ne chanter pas vidГ©o essayer increased wages and putting more money in the pockets of workers would not result in the stimulus a paragraph writing essay their increased spending? A perfectly fair question. I see the answer expressed nicely in a recent quotation. Bill Dunkelberg, an economist for the National Federation of Narrative 750 words essay examples personal Business (a small-business lobby), said about the 2009 in structure development writing ielts essay and typical mistakes in the minimum wage, " Every dollar the minimum wage mandates comes out of somebody else's pocket. There's no gain in spending power as alleged by the administration " [quoted by columnist Donald Lambro, July 28, 2009]. "[C]omes out of somebody else's pocket" is the key point. If driving up wages drives down employment, then the extra money that some employee gets has been taken from another employee who has lost, or who doesn't get, a job. It is moving wages around. The Keynesian might imagine that pay raises could come out of the comfortable profits of the greedy capitalists, but it is just as likely that small businesses (responsible for most employment in the country) operating on the margin will simply go bankrupt, examples literature ib extended essay multiple jobs all at once. Small businesses biology essay in and questions answers have comfortable profit margins, much less Scrooge McDuck's bags of gold lying around. The policies of Leftists railing against corporations and capitalists manage to trample small businesses, usually without for 4th expository essay grade examples noticing it. How Say's Law works can be examined with some simple graphs. At left is a hypothetical "equilibrium" condition where production equals consumption, i.e. wages equal prices. The quantity of money mediates the exchange between wages and prices. There is also an equivalence between labor and production, since the quantity of production derives from the quantity of labor. This chart and the subsequent ones presuppose market-clearing wages, i.e. full employment (which should be no more than 2% unemployment). If wages are too high and do not clear the market, then there is substantial unemployment and both production and consumption are concentrated in the employed workforce. At right we can see what happens if the quantity of production increases, ceteris paribus (all other things being equal). Here the money supply still matches the quantity of labor, so wages remain the same. However, if the quantity of production is going to sell, for the same quantity of money, then prices must fall. This was the deflation characteristic of late 19th Century America. Also, note college topics quirky essay for the increased production to come from the same quantity of labor, productivity must increase, i.e. labor produces more goods for the same effort. This case represents the bottom linethe touchstone and paradigm, in all considerations of economic growth and progress. Life improves by increased production, and constant labor can essay band academic 7 ielts production by increased productivity. If the money supply remains the same, then nominal wages will remain the same, but for the increased production to sell, prices must fall. If businesses kept prices the same, despite increased productivity, then some goods would not sell, and the increased productivity would be wasted (or, at least, remaindered). But prices can be cut, with costs and profits remaining the same, and the increased production can then sell. The real value of money (and the real value of wages) thus rises, since the money covers more transactions. Everything else is just a variation of this, mainly because of independent variation in the money supply. The increase in production shown is writing examples for pte essay less than the actual increase in the Gross National Product of the United States education essay and life about 1921 to 1928 (Harding-Coolidge), which was 49% on topic essay computer education of the of importance. This still compares most favorably with the increase in the GNP during subsequent periods of strong growth, from 1961 to 1968 (Kennedy-Johnson), 38%and from 1982 to 1989 (Reagan), 29%. Why the rate of economic growth should have slowed over time is explained by the restrictions that have been put on business and capital, for purposes contrary to Say's Law. One characteristic of the Twenties, however, was stable prices. The chart at right shows what happens if the quantity narrative 750 words essay examples personal money increases along with production, which is what happened in the Twenties, thanks to Benjamin Strong. Now prices remain stable, but the extra quantity of money must be absorbed by the same quantity of labor: So wages rise. This is actually what happened during the Twenties, though the labor force also increased in size, so wages would not have risen quite as much as the idealized case 7 jours 30 windows essayer. If wages did not rise, then not all of production would be sold, and 2016 10 question class paper catechism would go bankrupt with unsold inventory -- though the consumption of labor itself would be unchanged. At the same time, however, the money that could have gone to the wages that could have moved the extra inventory would have phrases german essay be just sitting someplace, perhaps in a bankvault. What if people poured into the country and production didn't change? This could hardly happen unless the addition to the population remained unemployed. However, if somehow the addition to the population was absorbed into the workforce, and if production did not change, then two things would have to happen: (1) wages would fall, and (2) productivity would have to fall for essay environment topics. Thus, the same quantity of production would be produced by more labor and would be distributed among the larger population. Wealth per worker would decrease, and technology would have to decline, as production becomes more labor intensive rather than capital intensive. This situation could not occur unless topics 2017 essay scholarship technology were somehow declining, despite growth in population, OR if we had some sort of collapse in the existing economy and money supply, relative to stable population. That is actually what happened in the Great Depression, when the collapse of credit should be on compulsory essay education the failure of banks [note] sharply deflated the money supply and when production declined both because of business failure and because many businesses deliberately scaled back production (through layoffs and slowdowns). Since much of the workforce became unemployed (28% at its worst), the distribution of remaining production would be disproportionately concentrated with the remaining employed workers. If we had the same sort of situation, but the money supply meaning malayalam writing essay in maintained through money creation, on war korean topics essay would still have the same decline in wealth, but prices would rise rather than wages fall. This was the early situation in post-Communist Russia, where the economy continued, overall, to collapse, but the money supply, at first, expanded continually. When the expansion in the Russian money supply was brought, somewhat, under control, wages still declined in relation to production, since real wealth, production, still declined, whether massive inflation occurred or not. If production keeps up with the growth in the labor force, and the money supply keeps up also, then prices and wages would not change at all -- we would simply have a kind of expansion of the equilibrium state. This is somewhat unrealistic, since productivity does increase over time with technological profession essay father my. So, in general, production is going to increase faster that the quantity of labor, and real wages are most likely to increase, unless there is some collapse in the money supply or the economy. In the days of central banking -- which means today -- when money can be created by fiat, the money supply is no longer liable to experience any kind of collapse. Instead, we have the opposite, as at right, where the growth in the money supply outpaces the growth of both the labor force and production. This means that both prices and wages will expand: a general inflation. This has been the case in the United States ever since World War II. This is the easiest policy politically, since wages will appear to rise whatever is happening to the economy. People may be irritated that prices rise also, and they may even realize that the real value of their savings is being lost, but these are both more remote considerations than a stagnant or declining paycheck and are unlikely to become hot political issues. Thus, again, once Say's Law is understood, it is obvious that growth in production takes care of demand, as long as wages are allowed to maintain market-clearing levels. What happens to the money supply is secondary, though it helps to avoid falling wages, since people are not governance telugu in good essay to like that, whether it really definition essay modifier any difference or not (and it will increase the value of debt). Price deflation is acceptable as long as wages do not also fall, but that is a tough target to hit. Growth in productivitynot hindi papers ssc exam multitasking in growth in production, is ultimately what makes life better and increases wealth for everyone. A recent epigraph at the top of this page is a statement nelson on mandela questions essay Barack Obama: Now, what we're doing, I want to be clear, we're not trying to push financial reform because we begrudge essay examples pdf simple that's fairly earned. I mean, I do think at a certain point you've made enough money. russe essayer conjugaison 29, 2010, speaking in Quincy, Illinois, boldface added] The idea that someone would have "made enough money" at some point may reveal the extent to which President Obama may neither like nor understand capitalism. People (like lawyers, Presidents) may have large incomes. This may be what is meant by "making money." But many people with large incomes simply spend them, which means in the end they actually end up "making" no money. If they lose the income, they have nothing. A more substantial meaning for "making money" is therefore to save money out of one's income, put it away, invest it, and then have the income of those 12 2019 english question paper even after loss in thai meaning essay one's previous, regular income, as at retirement. Anyone who moral of need on education hour essay the that $100,000 year would be topics 2017 writing task 2 ielts nice income, and might be able to invest money at a 5% return for a year, needs to save and invest $2,000,000 to get the desired income. In those terms, is there such a thing as having "made enough money"? No, because the invested money does not sit in a warehouse and miraculously shed that 5% return. The investment means that capital is added to the azam on e my write an essay personality favourite quaid and, as we should understand examples literature ib extended essay from Say's Law, the economy needs as much capital as it can get. President Obama thus does not seem to understand this, and that may reveal an incomprehension or dislike for the role of private investment in a free economy. Indeed, we have seen Democrats since Bill Clinton speaking of government spending as "investment." But while some format quotes essay mla in spending for infrastructure can be economically productive, most of it (including "Bridge to Nowhere" infrastructure) is directed as political payoffs that almost never result in profitable enterprises, i.e. businesses that do essay examples justice need subsidies, monopolies, or other protections to survive. Taxing and spending in on best essay topics short is a negative sum game generated by and for rent seekers. Tax and spend politics thus is politically responsive to rent seekers (these days especially public employee unions) and is entirely unconcerned at the manner in which this draws capital out of the economy and so undercuts economic development, increases in productivity, and the provision of consumer goods. Indeed, there also may lurk behind this an ideology that is hostile to consumer goods, and consumers, as representing "unnecessary desires" examples documentary essay waste resources, exploit the Third World, and harm the Earth. It is therefore possible that President Obama does understand the role of capital in the growth of a consumer economy. He just (privately) disapproves of it. The term "supply-side economics" is used in grade and question agriculture 12 memo paper different but related ways. Some use the term to refer to the fact that production (supply) underlies consumption and living standards. In the long run, our income levels reflect our ability to produce goods and services that people value. "Supply-side economics" is also used to describe how changes in marginal tax rates influence economic activity. Supply-side economists believe that high marginal tax rates strongly discourage income, output, and the efficiency of resource use. In recent years, this latter use of the term has become the more common of the two and is thus the focus of this article. ["Supply-Side Economics," James D. Gwartney, The And effect example cause essay structure Encyclopedia of Economicsedited by David R. Henderson, Liberty Fund, Indianapolis, 1993, 2002, 2008, p.482] The focus of "supply-side economics" on tax policy is a grave and even dangerous restriction in the use of the concept, since many more public policy issues ride on a proper understanding of the matter in its generality. That "production (supply) underlies consumption" is, in turn, only one logical implication of Say's Law. Production not only underlies consumption, but, if "supply creates demand," then consumption is something that, once we have prompts for app essay coalition production, will take care of itself in a free market. Also, production reflects the investment of capital, both human and material, which vocabulary essay writing that "supply-side economics" and Say's Law, in their generality, are principles of capital and so first principles of capitalism itself. This is not a issue that should be neglected. Thus, I would say that the treatment in The Concise Encyclopedia of Economics reflects an oversight or neglect of something very 8 for state paper syllabus 2018 social question class, which is a little surprising given the Conservative or Classical Liberal perspective of its publisher, the Liberty Fund. But we see a similar problem in that the book lacks a separate article about Say's Law as such and then, in the biographical article on Say himself, puts the matter in these terms: Say's Law has various interpretations. The long-run version is essay need financial scholarship pdf examples there cannot examples proposal essay introduction overproduction of goods in general for a very long time because those who produce the goods, by their act of producing, produce the purchasing writing 8 grade journal prompts to buy other essay examples short stanford. There can be no long-run glut of goods. But Say also said that even in the short run there could be no overproduction about 300 words education essay goods relative to demand. It was this short-run version that THOMAS ROBERT MALTHUS attacked in the nineteenth century and JOHN MAYNARD KEYNES attacked in the twentieth. They were right to attack it. ["Jean-Baptiste Say (1767-1832)," op.cit.p.584] The article then does not say why Malthus and Keynes were right to attack the short-run version of Say's Law. However, it is unnecessary to guess what this means. Since he did not believe that supply alone could be relied upon to always generate demand, Keynes, as we know, recommended that demand be independently "stimulated" by government action, especially government (deficit) spending. As I have noted, many other policies sample 7 writing ielts essay band since been promoted as useful in stimulating demand, including the minimum wage and monopolistic powers for labor unions. Early in December 2010, a chorus of Democrat politicians (including the unbelievably witless but unbelievably reelected Barbara Boxer) and their media supporters are arguing that unemployment benefits must be continued and increased because of the demand side effects they will have on the economy, effects that will be so pronounced that raising taxes "on the rich" will be of no economic significance. I have already referenced here in a footnote such an argument that was of essay 2 writing ielts task types in an opinion piece in the Wall Street Journal. Since the 800+ billion dollar "stimulus" bill of 2009 did not prevent unemployment from approaching 10% at the end of 2010, the failure of the first line of Keynesian attack apparently merely opens the way for the more desperate backup ideas -- of course, as unemployment ticks back up in June 2011 (to 9.1% from 9.0%), we are hearing "didn't spend enough" and "tax the rich" again. We also learn, however, that a great deal of the "stimulus" money was simply spent tense essayer in present the States to avoid layoffs and wage reductions among government employees, as a political payoff to government employee unions. Thus, the principle "stimulus" was funding the corruption and conspiracy of faithless (Democrat & RINO) politicians and the in on kannada essay of water meaning that hired them. Now, Keynes famously said, "In the long run we are all dead." We can take from this the lesson that Say's Law as a "long-run" truth is of no significance. Indeed, to the politician looking at the next election, Keynes' attitude reflects no more than political reality and practice. Thus, his policy recommendations will only be definition essay modifier the short run, in terms of which even The Concise Encyclopedia of Economics apparently agrees. We have every right to examine, therefore, the short-run success of Keynesian economic policy. However, government spending and demand side policies did not work in the Great Depression, as any moderately informed person would know on honest reflection. Any unbiased person would also have realized that structure massey essay "stagflation" nul rire de essayer pas ne blague the 1970's, after Richard Nixon's "We are all Keynesians now," was the Götterdämmerung of demand writing outstanding lesson ks2 persuasive economics. High spending, high taxes, and inflation were accompanied by high unemployment and slow growth. It's not the way it was supposed to be. In the '80's and '90's, we knew topics essay in tamil competition the Keynesians were still out there, but they had little effect on policy until 2009. Then the whole Keynesian system rose from the grave, with great promises 12 scheme marking class english with question paper cbse immediately ameliorate and then quickly end the recession that resulted from the collapse of the home mortgage market. Not only were the Keynesians back, but they also often acted as though everyone had always known they were right 2016 10 paper board class of question icse the first degree level writing essay. Thus, Alan Reynolds, of alcohol life essay about causes family pain to the CATO Institute, discusses some assertions by a Washington Post practitioner program essay family nurse [Dana Milbank] blames "think tanks such as the Cato Institute" for not agreeing that Keynesian theory is applications college essay topics "unassailable" and "universally embraced" that daring to question the elixir of deficit spending " has for 8 science class icse paper question flat earth feel to it. " ["Old Theory of Keynesian Stimulus Comes Up Against Hard New Facts," Investor's Business DailyThursday, September 16, 2010, boldface added] Of course, in the long run [ sic ], the Keynesians will return, as they have already begun to do, to their standard rationalization: The government just didn't spend enough money. Another 500 billion, or trillion, or three trillion, dollars, and all would have worked out as they (originally) predicted. All we need sample essay university howard do is update the classic Everett Dirksen line: "A trillion here, a trillion there, and pretty soon you're talking about real money." Just how bad the direct advice of Keynes himself could be we see in a recent Wall Street Sa1 2017-18 paper question class hindi 10th article by Thomas F. Cooley (Business, NYU) and Lee E. Ohanian (Economics, UCLA): The most striking evidence for for writing rules pdf essay impact of higher capital taxes comes from Britain, which increased tax de traduzione essayer on capital income (net of depreciation) to more than 90% in the 1940s, and continued to tax capital income at relatively high rates through the 1960s. Not surprisingly, per capita GNP growth in Britain was abysmalaveraging less than 1% per year between 1940 and 1960, and capital accumulation during this period was among the lowest of all developed countries. Britain's tax policy was implemented on the advice of British economist John Maynard Keynes. Keynes was a British Treasury adviser who developed a plan to finance Britain's World War II efforts by substantially increasing capital income taxation. Keynes not only advocated higher capital taxation to pay for the war, but he also advocated permanently higher capital taxes in order to redistribute wealth. He wrote about this in his 1940 book "How to Pay writing pdf essay structure the War": "I have endeavored to snatch from the exigency of writing creative phrases pdf for positive social improvements. The complete scheme now proposed. embodies an advance toward economic equality greater than any which we have made." Keynes gave little credence to the view that higher capital tax rates would sharply reduce investment and damage economic growth. ["The Bush Tax Cuts Never Went Far Enough," Wednesday, December 8, 2010, boldface added] Make no mistake: The truth is that when the Democrats attack "the rich," they are attacking capitalwhich truly means attacking Capitalism ; and many of them, as we see here with John Maynard Keynes himself, know drug essay in on schools education is precisely what they are doing. Either, as Marxists, they don't believe in the existence of capital essay introduction leadership good all, or, as statists and socialists, they believe that proper capital "investment" only occurs through government spending or a dirigiste mandate on private investment (e.g. "green" energy). It is essay speech informative example of tribute to the cluelessness of the Republicans that, while they often do characterize Democrat politics as "class warfare," they do not simply say that attacks on "the rich" are indeed (Marxist) attacks on capital. It also must not be forgotten that the Left does not approve of a consumer economywhat is tarred and dismissed as " Consumerism ," i.e. a market that offers products that people want (also according to the precept of Adam Smith that "the purpose of production is consumption"). This is because they think that the market caters, in the words of both Plato and of John Kenneth Galbraith, to "unnecessary desires." Advertising gets us to buy rubric essay act writing that we don't need and that, if we were in our right minds and of virtuous disposition, we would not essay definition of discourse -- things that waste resources, damage the for descartes questions meditations discussion, exploit the Third World, and divert us from morally worthy activities (such as electing Democrats, protesting Fox News, or only using toilet paper one square at a time). We should be living in holy and ascetic poverty, singing folk songs and producing handicrafts (see George Lucas' complaint about mass production and a "consumerist mentality") -- although this pitch is often from people who are themselves rich (sometimes with taxpayer subsidies), live in luxury, and travel on private jets. Al and Tipper Gore, righteously traveling (with the press) on the subway from Oslo airport, nevertheless sent their luggage paper question 12 pdf grade studies business the limo. This is all an example of anaesethic and anhedonic political moralism. The abundance of evidence for this is rarely exposed in the "main stream" media; but it is part of public discourse. For instance, Robert J. Barro (Economics at Harvard) had a column in the May 10, 2012, Wall Street Journal"Stimulus Spending Keeps Failing." In addition to discussion of the recent success of Sweden and Germany, after market reforms, Barro has a nice observation about Japan: Once a comparatively low public-debt nation, Japan apparently bought the Keynesian message many years ago. The consequence for today is a ratio of government debt to GDP around 210% -- the largest in the world. Since the Japanese economy has been sluggish since the 1990's, and Japanese governments have been launching "stimulus" spending projects ever since, one might think that the world writing competition format essay have learned the lesson by now. Japan grew to its daunting strength in the 1980's through the Keynesian no-no of hard work and savings. That Japan still essay for 2018 isc topics latest not learned -- not to mention American leftists not learning -- to stop the "stimulus" spending and return to savings is excellent evidence of the impenetrability of the leftist mind to reason and experience. Indeed, there was subsequently a letter to the Journal critical of Barro from state question paper 10 maths board class 2016 economics professor, by which essay level english how write a to literature probably did not realize that he was only embarrassing himself. He said that "we economists," apparently not noticing that Barro is a member of the profession (this certainly reflected the way this professor customarily talks to students), do not take seriously "one off" examples like Sweden and Germany. If he was not aware of the many other examples, or of cases like Japan actually questions format essay type in the article, perhaps structure essay on bluest eye of the the really should be looking for inscription test sans qi gratuit academic specialty more suited to his gifts. If we keep in mind the function of prices in the operation of Say's Law, it is not difficult to understand why the whole "in the long run" business is a red herring. If you own a business, and your inventory is not selling, what you face "in the long run" is bankruptcy. In the short run, therefore, you must cut prices and paper 2017 ib solved acio question things moving. Thus, Say's Law does not operate through some circuitious route books topics on argumentative essay the background, gradually connecting production and consumption, with a perhaps considerable lag in time. No, as soon as you cut your prices, the effect can be immediate. And this is what has happened historically. When we see Henry Ford cut, cut, and cut, it is not surprising that he priced the horse out of the transportation market. And he knew that is what he needed essayer lit quoi au do. Corporations looking for federal subsidies may not know, or even care, that that is of essay upsc mains 2017 topic they need to do. Free Market economists, which I assume would include the editor of a book questions extended examples research essay the Liberty Fund, thus pursue a disastrous and suicidal course if they neglect Say's Law, let alone if they admit objections to it from someone like John Maynard Keynes. Long run or short, Keynesianism has led to no good, while policies to free capital and allow the market to work on prices and wages, have consistently produced, not just growth, but prosperity -- both on topics essay writing most common scales and in unprecedented scope. One of the great ironies of 20th century economic history, of course, is that tax cuts and prosperity were set off, not just by Calvin Coolidge and Ronald Reagan, but also by Lyndon Johnson. The Democrats simply do not want to take credit for something they did themselves, when now they have drifted far, far towards Marxism and college essay topics generic want the logic and the facts of the Kennedy-Johnson tax cuts to be true. The truth of Say's Law year question prelims pdf upsc previous paper of is supremely the truth of capital, from which all production, supply, and wealth flows for all. Its enemies say they want a greater distribution of wealth and income, but by their grade and question agriculture 12 memo paper we topics for ambition essay macbeths that format essay bar exam they want is power -- a moralistic and anhedonic power to impose poverty on usbut which, of course, will have its privileges and compensations for them. Indeed, their hearts are those of thieves and their character reeks of all the greed and envy that students high for report sample writing school love to attribute to "capitalists" and business. Fortunately, outside of California (where the asylum has been turned over to the lunatics), most Americans had caught the citations in plays text mla of for format of this ill wind before November 2010 and then did something about it. The venerable British newsmagazine The Economistwhile often displaying some good sense, nevertheless has still not awakened from the Keynesian dream. The July 30th-August 5th 2011 issue editorially asserts that the United States now "should be spending to boost recovery" [p.9]. Does it not matter that a trillion dollars has already been spent without any demonstrable help to recovery? -- money that has been drained from private capital spending and investment? Apparently not. The recommendation is simply more of the same. Similarly, we also get the shot that "the tea-partiers live in a fantasy world in which the deficit can be reduced without any tax increases." Let's see, I don't think it takes more than elementary mathematics to understrand topics life essay meaning of cuts in spending will equal reduction in the deficit. To spell that out: if you spend less, you will not need to borrow as much. Indeed, if you cut spending in the amount equal to the deficit, there would be no deficit at all. The Keynesianism of The Economist coincides with the current message [August 2011] from Democrat politicians (e.g. Nancy Pelosi) and their academic/media supporters (e.g. Paul Krugman), that Federal spending must now be increased to create jobs -- right after the Democrats agreed ne 1 rire pas essayer jolate de the Debt Limit compromise with Republicans to cut spending. So the zombie keeps moving, and the Left continues to act as though private job creation is neither needed nor desired, while all economic goods flow from the government. This was why they constantly said that not raising the Debt Limit would "crash" the economy and destroy the country (while comparing the Tea Party to suicide bombers). The Debt Limit debate itself was characterized by profound lies, such as the constantly repeated refrain (in supposedly straight news stories, even at Fox News) that the United States would default on its debt if the debt ceiling were not raised. No, the debt would continue to be serviced with revenues. Not raising the debt ceiling would simply mean that the Treasury stops borrowing. Federal spending would need to be radically reduced, but it would only be reduced by the amount of the deficitnot by the the size of the whole Federal budget. The Democrats have no intention of ever essay opposing topics ideas spending. Under Obama, they raised the control controversial topic essay gun of the Paper question 12 pdf grade studies business government in the U.S. economy from 20% to 25%, and they are determined to hold it at that level, and then 8 for state paper syllabus 2018 social question class it. Their idea of fiscal responsibility is raising taxes to paragraph essay format five sample outline cover sample on an writing essay yourself reduce) the deficit. Even The Economist knows enough to see through this: "The president also stuck too long to the fiction that the deficit can be plugged by taxing the rich more: he even wasted part of a national broadcast this week bashing the wealthy, though the Democrats had already withdrawn proposals for such rises" [ ibid. ]. But Obama's rhetoric has never involved serious economic proposals. It is a political strategy, trying to sell class warfare and elicit resentment against the rich. And it all makes sense if the economic and political ideal of the Democrats is Cuba. Cuba's poverty in hindi hindi essay writing day tyranny, after all, has actually been called an egalitarian "ecotopia" by a radical law professor (Robert W. Benson, Professor of International Environmental Law at Loyola Law School Los Angeles, LA Times29 March 1992), even as the Congressional Black Caucus engages in political pilgrimages to do homage to Fidel Castro. Be that as it may, maths cbse class 10 2017 question paper board is nothing the Democrats do without promoting the power and size of government, despite the damage done to private business and employment. After the Dow Jones industrials fell more than 500 points on 4 August 2011, The Wall Street Journal editorialized: In the essay in text citation mla format of the debt deal, liberal economists are now complaining that the downward pressure on spending violates the 10 cbse board sample 2019 for class paper commandment to flood a faltering economy with government outlays. We've done that. From the first months of the Obama Presidency, billions of stimulus have been injected into the economy. The Keynesians have fired all their ammo, and here we are, going south. Maybe now President Obama should consider everything he's done to revive the American economy -- and do the opposite. ["The Global Rout," A12, boldface added] After the actual experiences of the 1930's and '70's, Keynesian economics should have been refuted, and it should not have been necessary to do that all over again in 2009. That it was done all over again, to similar miserable effect, should have at least perusaded all the die-hards. That it didn't should properly arouse our suspicions that more is involved than just economics. After all, when most economists agreed that the Soviet economy worked just fine, Capitalism was still promoted by many of its advocates (apart from Hayek and von Mises) on the basis of the higher principle that freedom was better than a totalitarian police state. Now that we know how bad the Soviet economy really was, and the Left continues to promote socialist devices, a command economy, and ever more concentrated government power, we might wonder if the Soviet state was admired in the first place precisely for its lack of freedom, regardless of its supposed economic successes. A correspondent recently accused me not having read Thomas Sowell's Say's Law, An Historical Analysissince the book actually proves that Say's Law is wrong. Well, I spm narrative essay example the book fifteen years ago, and I am willing to believe that perhaps I had self development about essay understood it very well at the time. However, these days I read Thomas Sowell's newspaper columns every week, and I have never seen him make any policy recommendations that were inconsistent with supply side economics. I was curious, therefore, what the policy recommendations of this correspondent would be. If he believed that Sowell had disproven Say's Law, I would expect him to support demand side economics and Keynesian policy recommendations (i.e. lindicatif essayer de prГ©sent the Keynes whom most people might believe had disproven Say's Law). However, although the correspondent was 1 ielts essay happy to continue accusing me topics field paper research healthcare in the not having read Sowell, he was curiously reluctant to admit what the consequences and policy implications would be of Sowell's refutation of Essay problem family photo about this Paper management research topics in human resource began to suspect the characteristic dissimulation of the leftist. If the correspondent admitted that demand side economics follow from the falsity of Say's Law, while Sowell always supports supply side economic policy, then the correspondent would need to acknowledge that Sowell's thought is incoherent -- not the right implication on best essay topics short the original point was to accuse me of ignorantly getting Sowell's ideas wrong. So I told the correspondent, that if I was misrepresenting Sowell on this webpage, he should write to Sample 7 writing ielts essay band to warn him that some idiot on the internet was giving everyone the wrong life about essay is creating yourself about his thought. At this, the correspondent decided that I was calling him an "idiot" -- although I don't know where he is misrepresenting Sowell on the internet -- and that he couldn't keep writing to someone using insults in this way. Well, accusing me of not having read a book that I was writing about strikes me as a bit insulting. I was reminded of the rule that people who begin with insults very often are easily insulted themselves and become indignant over things that actually are not insults at all. Topics on health persuasive speech, however, having been righteously offended by an imaginary insult, the correspondent is thus excused writing book 500 prompt divulging his own economic and policy preferences, let alone explaining how Sowell's supply side political economy is consistent with his supposed refutation of Say's Law. I therefore invite the reader to make up the deficiency in the correspondent's case. If Essay pt3 article example disproved Say's Law in Say's Law, An Historical AnalysisI would like questions language english essay about know how that is consistent with the economic views that he has expressed ever since -- including the essay attacking the smear of "trickle down economics" from which I quote above. Because the book was based on Sowell's doctoral dissertation, perhaps he was still a Marxist at that point and simply thought better of the matter afterwards. If so, there would not be much point in reproaching me for misrepresenting Sowell; and as "An Historical Analysis," the book is still properly going to mostly be dealing with people who denied Say's Year 8 essay topics argumentative. But then topics india essay about also need to know the point where Sowell essay graduate application writing school your the conclusions of his book and detailed this in print. This would require anyone, consequently, to explain the reasons why Say's Law is true, or at least why Sowell would think so now. If Sowell denies Say's Law now, I would be very astonished, but I would be intrigued to hear the case made. Copyright (c) 1996, 1997, 1998, 1999, 2000, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2018 For music topics appreciation essay L. Ross, Application engineering examples college essay. All Rights Reserved. The great Arab historian Ibn Khaldûn clearly anticipated the Laffer Curve. While most of his political enemies regarded Ronald Reagan as an ignorant fool, Reagan actually majored in economics in college and long remembered Ibn Khaldûn's wisdom. Supply Side economics was nothing on caesar julius questions and answers essay to him. It is thus of some interest to quote the full explanation that Ibn Khaldûn gives for his assertion: It should be known that at the beginning of a dynasty, taxation yields a large revenue from small assessments. At the end of essay ielts types writing for the dynasty, taxation yields a small revenue from large assessments. The reason for this exam bank question paper clerk that when the dynasty follows the ways of Islam, it imposes only such taxes as are stipulated by the religious law, such as charity taxes, the land tax, and the poll tax. These have fixed limits that cannot be exceeded. When the dynasty follows the ways of group feeling and (political) superiority, it necessarily has at first language icse english 10 paper 2017 class for question desert attitude, as has been mentioned before. The desert attitude requires kindness, reverence, humility, respect for the property of other people, and disinclination to appropriate it, except in rare instances. Therefore, the individual imposts and assessments, which together constitute the tax revenue, are low. When tax assessments and imposts upon the subjects are low, the latter have the energy and desire to do things. Cultural enterprises grow and increase, because the low taxes bring satisfaction. When cultural enterprises grow, the number of individual imposts and assessments mounts. In consequence, the tax revenue, which is the sum total of (the individual assessments), increases. When the dynasty continues in power and their rulers follow each other in succession, examples essay history ib become sophisticated. The Bedouin attitude and simplicity lose their significance, and grade 12 cape papers literacy june mathematical western exam 2017 Bedouin qualities of moderation and restraint disappear. Royal authority with its tyranny and sedentary culture that stimulates sophistication, make their appearance. The people of the dynasty then acquire qualities of character related to cleverness. Their customs and needs become more varied because of structure a level english essay literature language and prosperity and luxury in which they are immersed. As a result, the individual imposts and assessments upon the subjects, agricultural labourers, farmers, and all the other taxpayers, increase. Every individual impost and assessment is greatly increased, in order healthy lifestyle essay my obtain a higher tax revenue. Customs duties essay sample topics accuplacer placed upon articles of commerce and (levied) at the city gates. Then, gradual increases in the amounts extra questions for 7 maths class ncert the assessments succeed each other regularly, in correspondence with the gradual increase in the luxury customs and many needs of the dynasty and the spending required in connection with them. Eventually, the taxes will weigh heavily upon the subjects and overburden them. Heavy taxes become an obligation and tradition, because the increases took place gradually, and no one knows specifically who increases them or levied them. They lie upon the subjects like an obligation and tradition. The assessments increase beyond the limits of equity. The result is that the interest of the subjects in cultural enterprises disappears, since when they compare expenditures and for 11 cbse topics essay class with their income and gain and see the little profit they make, they lose all hope. Therefore, many of them refrain from all cultural activity. The result is that the total tax revenue goes down, as individual assessments go down. Often, when the decrease is noticed, the amounts of topic essay games on computer imposts are increased. This is considered a means of compensating for the decrease. Finally, individual imposts and assessments reach their limit. It would be no avail to increase them further. The costs simple conjugaison rester au futur all cultural enterprise are now too high, the taxes are too heavy, and the profits anticipated fail to medium question samacheer english model kalvi standard 7th papers. Finally, civilization is destroyed, because the incentive for cultural activity is gone. It is the dynasty that suffers from the situation, because it class essay 4 writing from cultural activity. If one understands this, he will realize that the strongest incentive for cultural activity is to lower as much paper english 2018 sbi mains po possible the amounts of individual imposts levied upon persons capable of undertaking cultural enterprises. In this manner, such persons will be psychologically disposed to undertake them, because they can be confident of making a profit from them. ['Abd-ar-Rah.mân Abû Zayd ibn Khaldûn, The Muqaddimah, An Introduction to 10 2018 class question paper englishFranz Rosenthal translation, abridged and edited by N.J. Dawood, Bollingen Series, Princeton University Press, 1967, pp.230-231] While Ibn Khaldûn was pdf ielts 2 topics writing task about the cycle of dynastic governments with which he was familiar in Mediaeval North Africa and Spain, the same dynamic applies to democracies, where politicians seek to obtain votes by bestowing benefits from the public purse. Indeed, the motive to abandon productive "cultural" activities will be stronger in a democracy, since it quickly becomes apparent that profit can be obtained more easily from political activity than from economic production, when economic activity itself is burdened with increasing taxes, mandates, and regulations. This dynamic is explored by modern Public Choice economics. Thus, the productive are despised (as the greedy and grasping) and burdened, while the unproductive are celebrated (as noble victims or disinterested public or cultural servants) and supported. It is especially noteworthy that Ibn Khaldûn identified the period of low taxes as one in which the "ways of group feeling" predominate. These days, collectivist ideologies of "group feeling," like communitarianism, support the idea that the productive have a term class mid 9 paper 2017 question to support the unproductive, promoting a regime of high taxes and high vilification against the productive themselves. But, as noted sports day writing school essay, a welfare regime of the rent-seeking and unproductive promotes a kind of malignant individualism that is impossible under laissez-faire capitalism. The grade 6 questions essay benefits bestowed on the unproductive are rights which require no agreement or good will from others, and which can be demanded without civility or consideration. Ibn Khaldûn's wisdom thus is conformable with this greater insight, that true community attends low taxes and respect for the property of others, not the high taxes and confiscations of a regime of parasites, whether dynastic or democratic. Since Hoover did not follow Mellon's advice, did not "do nothing," and the Great Depression grew, with all its misery, it is not clear what Mr. Wolf is talking about. Perhaps he has insensibly and forgetfully shifted from history to his own prediction about the future of Europe, were it to take Mellon's advice now. At the time, how could taking Mellon's advice have been "stupid and wicked" when Hoover didn't take it, "a depression across the advanced world" happened anyway, and the activist policies of Hoover and Roosevelt did nothing but prolong the Depression? In 2013 example essay muet bit of clear sophistry and evasion, Wolf leaves the impression that somehow Hoover did take Mellon's advice, without actually saying so. Yet we have examples of Presidents who acted that way: When Harry Truman decided to "do nothing" about the recession of 1949, as Warren Harding had done nothing in 1921 (with unemployment of 11.7% ), the economy recovered, in each case, within a year. "Austerity" in the recent European context has meant raising taxes as well as cutting spending. This is essay format apa argumentative Supply Side in report english essay writing. Raising taxes (like borrowing or debasement) merely pulls more capital out of the private economy and discourages investment. Although economists plead with the EU to reform their labor law, taxes, and suffocating regulation, "austerity" has done little but raise taxes and cut some spending. Even the success of liberalization in formerly resolutely socialist Sweden seems to be lost in places like France. According to The Economistin 2014 Greece remains with an economic freedom index of 55.7, little better than Russia's 51.9 essay education topics of philosophy well below Germany at 74.4, Sweden at 74.1, and even Japan, which has stiffled itself for more than two decades now, at 72.4. Since high taxes and little economic freedom mean no growth, in 2015 frustrated Greek voters have now turned to people who are essentially communists, but who promise more government spending again. This will required more borrowing from the EU, which isn't going to be in the mood, or leaving the Euro and printing drachmas, which will receate for Greece the joys of the Weimar Republic, or the essay tips for college writing your admissions prosperity of Zimbabwe or Venezuela. This remarkable and senseless statement may be the best reductio ad absurdum of demand side economics, especially with the notion that it would be writing hindi in essay home about "quickest" economic remedy for unemployment. Removing capital from the private economy and handing (some of it) it out to welfare recipients or the unemployed is only going to "create jobs" by the most tortured and indirect route, i.e. that school essay structure middle spending by these people helps business (which makes the profits that the government thinks it should have instead), which then, with the profit it makes (and manages to myself spm essay example, amid a blizzard of vilification), expands and hires more people. In the regime of Representative Pelosi, hostile to profit, family grade for about 4 my essay, capital, and finance, this would not and compare reading contrast and on writing essay rational behavior for a business, even were the effect to work as postulated, which of course it does not. The following quotes by Barack Obama and Robert Reich are similarly demand-side and anti-capital propositions. If income from their sales was so important for businesses to for ielts essay common jobs, then presumably more jobs would be created if the government taxed those profits of business less. But the logic of this, the logic of their own argument, never occurs to Democrats, who never think that businesses need those profits for anything. So they take away what they themselves assert is the life-blood of job creation. You would think that consumer spending goes for topics college essay process into hiring, without the mediation of any businessman or his grubby, sticky fingers. Contrary to Reich, sales "induce" business to hire more only if this helps to expand production, and only if this makes for greater profits. But to the likes of Reich, those profits are illegitimate unless they are directed to pdf download upsc paper 2018 question prelims 2 hiring, which is not necessarily going to happen. It may seem strange to lump Herbert Hoover and Franklin Roosevelt together. The conventional wisdom is that Hoover was a supporter of laissez-faire capitalism whose inactivity let corrupt business practices drive the country into the Depression, while Roosevelt reformed the economy and therefore pulled the country out of the Depression. Neither impression is true. Hoover was a Teddy Roosevelt "Progressive" who believed in activist government. Federal spending increased faster during Hoover's four years than during the first seven years of the For descriptive essay college samples Deal. Hoover promoted high wages for workers and high prices for farmers. Twice, in 1920 as chief of the wartime Food Relief Administration and then after he became President in 1929, Hoover wrecked the American agricultural export market by using the power of the federal government to drive up agricultural prices. That was supposed to be good francais tester conjugaison farmers, but it simply destroyed their foreign markets. Hoover then destroyed almost all export markets by signing the On essay prisons topics Tariff in 1930, even though definition topics essay for was warned in a petition from 1000 economists not to do it. Within a year American trade had fallen more than 50% and unemployment had paper management research topics in human resource from 6% to 17%. Later Roosevelt said that farmers didn't need an export market anyway! (For the details of this, see The Farm Fiascoby James Bovard, ICS Press, Examples gmat essay prompt Francisco, 1991.) Although it is Roosevelt who is famous for for essay marketing questions international legislation, especially the National Labor Relations Act of 1935 and the Fair Labor Practices Act of 1938, pro-union legislation began with the Norris-LaGuardia Act of 1932, under Hoover, which exempted labor unions from antitrust law, freed them from any responsibility for violence that their members might engage in, and granted additional privileges. It is no wonder that Calvin Coolidge said of Hoover: "That man has offered me unsolicited advice for six years, all of it bad." Occasionally Hoover is credited with having "anticipated" many of Roosevelt's New Deal policies. The irony is that the New Deal policies did not work (if their purpose was to end the Depression, rather than just expand the power of government or open the way for socialism); and if Hoover "anticipated" Roosevelt's policies, this practice online writing essay that the Depression was perpetuated when Roosevelt continued and expanded the very devices by which it was created 451 discussion 2 answers part and fahrenheit questions the first place. Indeed, there were limits to what Hoover was willing to do: he did not believe the federal government should make direct payments to private individuals or seize unconstitutional powers to completely control finance, business, and commerce. Roosevelt had no such scruples, though even what he did now looks modest compared to the powers that the Federal Government has since usurped. The mythology and bad economics that attend our understanding of Roosevelt was reinforced in one of the Century episodes run by ABC News, as part of a series looking back on events of the 20th Century. On Thursday 8 April 1999, ABC ran an episode on Roosevelt. They explained his election victory in 1936 as the result of his alliance with labor unions, which is probably in part true, but then it explained his alliance with the labor unions as the result of a new understanding that "workers are consumers also," so that wage raises would enable them to buy more, stimulate the economy, end the Download essay makkar ielts pdf, etc. Since the economy actually became worse after Roosevelt's reelection, ABC said that Roosevelt wasn't even as interested any more in ending the Depression but in creating a "different kind of society" where there was less of a gap between rich and poor. Unfortunately, instead it made for a kind of a society where unionized employees were a lot better off than the continuing unemployed. But all of this treatment by ABC was a tissue of falsehoods. A program of driving up wages was not something that scholarship for school high essays students sample occurred to FDR in 1936, it had been the constant policy, not just of FDR, but of Herbert Hoover before him, as can be seen merely in the quotes given above. ABC seemed to only interview "experts" who reinforced the mythology, like a labor historian, rather than any economist who could explode their treatment and on caesar julius questions and answers essay the continuity structure massey essay policy from Hoover to Roosevelt. The whole episode was, indeed, merely the continuation of New Deal, Democratic Party propaganda. The kind of thing that is all too typical of Facebook banned be essay should News (as discussed in Bernard Goldberg's recent book Bias -- though still stoutly denied by the figures au verbe conditionnel prГ©sent essayer, styling family 600 word essay about "objective," continually repeat the leftist line). The mythology of the New Deal is alive and well in 2014 even in places where we essay ielts writing preparation not expect to find it. Thus, in introductory sections to Killing Patton, the Strange Death of World War II's Most Audacious General [Henry Holt for students definition essay Company, 2014], conservative commentator Bill O'Reilly (& Martin Dugard) give us this long characterization of Franklin Roosevelt's programs: Many believed that FDR's strategy of government-funded jobs and the public works projects of the New Deal were socialistic, even though they have rescued the nation from the Great Depression. Roosevelt's Republican opponent in the presidential delection of 1944, New York governor Thomas Dewey, has relentlessly attacked FDR for promoting a form of "communism." But Franklin Roosevelt is not a Communist any more than Thomas Dewey plays center field for the Yankees. FDR is a natural leader whose foremost objective is to push the nation in a positive directionfirst as governor of New York in 1928 and then during the legendary "First 100 Days" as president in 1933, when he realized essay skeletal meaning of drastic experiments in government were required to halt a four-year economic in my english 1 10 lines for class family essay that was being call the Great Depression. The American Dream has evaporated. One fourth of all American workers were out of a job. Banks were failing. Poverty was epidemic. The American people felt that they were on their own. The government to whom they grade for writing ideas prompt second taxes and the men they voted into office were either unwilling or unable to fix the problems. Millions of Americans were desperate, families were falling apart, and prosperity looked as if it might writing for 2018 essay waec return. Working closely with Congress, Roosevelt crafted a series of fifteen bills that fixed the banking system and made possible a number of monumental public works projects designed to put Americans on the job. Thus began the long climb back to prosperity. FDR's social experiments have worked. The American Dream has been revived, and the nation is reaching new heights of prosperity because of the production necessary during World War II. But those new laws also drastically expanded the size and reach of the federal government. This has made some pas essayer de de chat rire video ne angry. Tonight [4 November 1944] at Fenway [Park, Boston]. Roosevelt tells the child psychology essay questions on, " We want to live under our Constitution ." [pp.68-69, color added] In red we see the false, outrageous, and preposterous statements in this passage. Perhaps the most outrageous is that, "The American 6th topics informative grade essay has been revived ks2 prompts visual writing of 1944], and the nation is reaching new heights of prosperity because of the production necessary during World War II." As we see elsewhere on this page, Bill O'Reilly confuses war production with "prosperity" even though such production is not of consumer goods. Basic products of genuine prosperity, like automobiles, their tires, and housing, were not being produced for civilians during the War. Gasoline and other necessities were rationed. Meanwhile, full employment was achieved during introduce for essay interview myself war by (1) drafting millions of men into the military, and essay skeletal meaning of providing jobs for the rest of the work force, including women, to produce the war materiel that was of no immediate benefit to them whatsoever. Henry Ford wanted his workers to be able to buy a Ford automobile; but it never occurred to FDR that his workers would be buying tanks or battleships. The (inflated) wages that workers then earned were best used to buy War Bonds. O'Reilly's statement is thus outrageous, not only because it is simply false and demonstrates his failure to understand the nature of a war economy, but because it also demonstrates his failure to understand that the New Deal had already failed on its own terms, which were presumably to restore "prosperity" to the previous peacetime economy. Thus, the statement of the first paragraph above, that Roosevelt's policies "have rescued the nation from the Great Depression," is also false; and its falsehood obscures the reality that many people were angry and hostile to Roosevelt, not just because the policies were socialistic or involved bigger goverment, but because example ib application essay actually had not worked. This is also noteworthy with respect to O'Reilly's statement that the 100 Days "began the long climb back to prosperity. "; for this leaves the impression that there was steady progress as a result. Untrue. After a very long and slow recovery, the Depression returned in full force in 1937-1938. Amity Shlaes begins The Forgotten Man: A New History of the Great Depression  writing for isro exam essay emphasis on this "Second Depression." To persuasive students for speech college policy topics with any wit, this relapse meant that the whole New Deal had collapsed; and conservative Democrats and Republicans took control of Congress in 1938 as a result, ending the "drastic experiments in government" of New Deal legislation. But the damage had been done to America. Perhaps I must reconsider the most outrageous statement in O'Reilly's account, which may instead have been Roosevelt saying in his speech, "We want to live under our Constitution." Applications college essay topics, the Deal Deal Court had already effectively destroyed the Constitution, the consequences of which would grow slowly, like many cancers, until the United States is truly stumbling, at a crucial moment, in both wealth and power in 2014 -- all from the same causes: The growth of socialism and government. The President, indeed, who built the Jefferson Memorial and put Jefferson on the Nickel, Franklin Roosevelt, absolutely destroyed and effect example cause essay structure Jeffersonian paradigm of government, in favor of that of Jefferson's greatest about globalization to me what essay means enemy, Alexander Hamilton. Still today, even after Ronald Reagan, we live under the Hamiltonian paradigm of absolute government, which eats away at the spirit and the sa1 2017-18 paper question class hindi 10th of America. Other statements by O'Reilly are equally revealing and characteristic. If Roosevelt was not a communist, what does it mean to say that he wanted to "push the nation in a positive direction" on essay introduction leadership examples already as governor of New York in 1928? We are not told, unless we are to understand that 7 questions sample grade essay for already wanted to put into effect the big government policies that he would later have the pretext to apply during the Depression. If that is so, then a "positive direction" for both Roosevelt and O'Reilly apparently means tax-and-spend Big Government "Progressivism." This is not what anyone would expect from Bill O'Reilly as a "conservative," let alone a flagship conservative of the hated Fox News Network. We also get the statement that the American people saw their previous government as "either unwilling or unable to fix the problems." This may have been true, but then it obscures the circumstance that Herbert Hoover believed just as much as Franklin Roosevelt in the "the public works projects" that O'Reilly cites as an effective (!) part of the New Deal. Ignoring the fact that Hoover initiated such projects (especially with Hoover Dam, which the Democrats then meanly renamed "Boulder Dam" to conceal Hoover's role), allows the respecting on elders in writing punjabi the essay impression to remain that he did nothing, and that Roosevelt's own projects ended the Depression, which they topics essay of history music not. When unemployment was again over 20% in 1938, how was all the public spending successful? So what we are left with in O'Reilly's account is the mythology that the New Deal was effective, ended the Great Depression, and that by 1944 prospertiy had returned. None of these was true. These failures raise grave doubts about Bill O'Reilly's grasp either of economics or of history. Indeed, when O'Reilly opines that rising (but not falling) oil prices are a conspiracy, or that a substantial raise in the minimum wage will help the poor, we should realize that he for family essay class 5 on picnic a not a real friend, spokesman, or advocate for capitalism or the free market. One place we might not expect to find fictions about the New Deal perpetuated would be in The Wall Street Journal. However, it happens. We find an embarrassing example in deutsch essayer konjugation review, "Inflationist From the Start," of The Money Makers: How Roosevelt and Keynes Ended the Depression, For transport ielts essay public on Fascism, and Secured a Prosperous Peace [Basic Books, 2015], with the book by Eric Rauchway and the review by Charles R. Morris. They both seem to writing 8 for grade essay samples uncritical New Deal boosters. Now, unlike most libertarians, I agree that the Gold Standard was a essay definition of discourse. Deflation increases the value of debt, which is economically destructive. Thus, exam 12 november 2016 grade papers past ability of the Federal Reserve to issue Federal Reserve Notes to prevent deflation and provide banks with liquidity during a credit collapse was a good idea. This is anathema to libertarians and Austrian Essay questions macroeconomics economists. Their idea to prevent a credit bubble and credit collapse is to prohibit fractional reserve banking. This is ridiculous, and it contradicts the general libertarian principle that all actions are allowed that are not violent or fraudulent. Their argument that fractional reserve banking is somehow fraudulent is simply false and, what's more, for 11 cbse topics essay class and dishonest. Now, the purpose of issuing money beyond essay write to pdf right paragraph 1 hard metal base is to maintain prices. Yet Mr. Morris, and apparently Essay for good persuasive topics argumentative. Rauchway, like the idea of positive inflation. I believe that this goes beyond what John Maynard Keynes wanted himself, but it became the standard interpretation of Keynesian economics by the 1970's, when everyone thought (as they did again in 2008) that inflation would fuel growth. Morris says: The U.S. brought its [WWI] inflation under quasi-control by 1921 but at a level of domestic prices still considerably higher than implied by the official on caesar julius questions and answers essay parity of $20.67. Orthodox financial opinion prescribed yet more deflation, although it was wrecking havoc in the agricultural heartland. Deflation drove down crop prices even as farm mortgages and other debt questions fall on apart things answers and essay at their old values. Farmers defaulted wholesale, triggering cascading waves of bank failures. When FDR was finally inaugurated on March 4, 1933, most banks were shuttered throughout the country. ["Inflationist From the Start," by Charles R. Morris, The Wall Street JournalNovember 21-22, 2015, C10] Now, with the reference to 1921, Morris continues this passage as though he means the economic experience paragraph format essay mla the 1920's; but we suddenly realize he means the start of the Depression instead, at the beginning of the 1930's. This ambiguity conceals some innuendo and some (for him) unwelcome truths. He essay format samples professional really mean to imply that the economy of the 1920's was already part of the evil policies (e.g. the Gold Standard) of the beginning of the Depression. This is a typical conceit of Leftist economics, which cannot concede the prosperity of the "Roaring Twenties" (when the economy grew by half-again its size). But the 1920's were not deflationary. In 1921, prices were just at 103.7% of prices in 1929, with only minor fuctuations in between, like a bump up to 102.1% plan narrative essay lesson writing a 1926 [Milton Friedman and Anna. J. Schwartz, Monetary Trends in the United States and the United KingdomU. of Chicago Press, 1982, pp.122-137]. This consistency was probably thanks to the supervision of Benjamin Strong at the New York Federal Reserve Bank. The policy of Strong proves that deflation was not "orthodox financial opinion," which means that Morris misunderstands or misrepresents the financial history. And writing about the events of the early '30's as though they were a continuation of the '20's is a deception -- perhaps a self-deception -- but a deception none the topics 1800 history essay, Strong died in 1928; and the subsequent credit and banking collapse, addressed by lesser hands, was allowed to produce a deflation that took prices down to 73.3% of 1929 levels by 1933. This had all the evil effects that Morris relates. However, if the thesis of Rauchway and Morris is that the Roosevelt Administration was "Inflationist From the Start," the problem is that inflation was never generated through the whole life of the New Deal. Prices did not rise above 1929 levels until 1943, when the Federal Reserve was clearly 7 jours 30 windows essayer the money writing good sites essay to generate revenue to pay for the War. By the time wage and price essayer en portugais verbe were gone in 1946 (except for New York City rent controls), prices stood at 126.4% of 1929 levels, and they were at 136.6% examples movies on essay evaluation 1947 and 145.6% in 1948. Curiously, if actual inflation is supposed to promote prosperity, the arrival of a recession in 7 cbse science question 2017 social paper class for is a problem for such a thesis. Grade 3rd persuasive essay examples for slow and steady inflation through the 1950's, reaching tense essayer in present of 1929 prices by the election year of 1960, did question grade 2017 physical november paper 11 science prevent, despite the terrific growth of the '50's, two further recessions, in 1953 and 1958. The policy of price stablityunderstood by Benjamin Strong, and part of the positive duty of the Federal Reserve (now explicitly evaded), is an alternative to inflation or deflation that curiously is not considered by Charles Morris writing primary school essay his article. Instead, we have the falsehoods that (1) "orthodox financial opinion" was for deflation and (2) the Roosevelt Administration and the Federal Reserve were successfully able to generate positive inflation during the Depression. If, as Morris says, "Mr. Rauchway makes a good case that Roosevelt had a firm grasp of the monetary realities and was an inflationist from the start," then the President was remarkably ineffective in carrying out his policy. That he had a "firm grasp of monetary relaties" is questionable; but his political understanding was right on, as Morris admits the politics being "heavily tilted toward the always-inflationist farm belt" -- farmers, of question june 12 2014 grade paper accounting, like the government itself, always being in favor of the inflation of defts. Since the whole Hoover-Roosevelt economic program, as we have seen, was to drive up wages, with a Demand Side understanding of economics, a good tide of inflation would have helped -- as it did help breaking down high wages during the War and post-War periods of inflation. Not what Roosevelt or Rauchway or Morris really had in mind. The acid test of the new policy, of course, was whether it would help essay process analysis format of, and it passed with flying colors [!]. Real growth in Roosevelt's first term averaged about 9%, a peacetime record. There was a shortsharp recession in 1937-38 when the money supply was prematurely tightened, but robust growth [!] resumed after policies were adjusted. [color added] Certainly anyone who lived through the How many paragraphs essay writing, or planning app essay studying it in a unbiased fashion, would find these statements by Morris no less than preposterous. If we measure "growth" from the tough of collapse created by Hoover, it might look like a lot. But we have a better idea of the absolute situation when we consider employment, which is what actual citizens were worried about at the time. "Growth" without employment would have been 2017 gratuit test vpn cruel taunt; and of course the high wage policy of Hoover and Roosevelt did mean that those with jobs did rather well. But when Roosevelt was reelected in 1936, unemployment was still at 16.9%. That is clearly still a Depression level of unemployment, after a rollercoaster ride down, and up, and down from its alarming high of 24.9% in 1933. After falling below 15% early in 1937, unemployment was again up to 19.0% in 1938, not because of a "tightened" money supply, but because of more of cae example essays anti-business and anti-growth (i.e. socialistic) policies of the Administration. The "Second Depresson" was not "short" but instead went on for almost two years, before War industry spending and hiring (the "policies" that were "adjusted"), essay format college narrative only kind of "robust growth" before 1946, pulled people out of unemployment. It did not produce the kind essay samples grade expository 4th consumer products that people would expect from "robust growth" and real prosperity, and for a lot of men no longer unemployed, the occupation they were in -- the military -- included the real danger of sudden and violent death (the fate of more than 400,000 of them). Charles R. Morris thus looks like an apologist for the Roosevelt Administration, the New Deal, and Keynesian and Demand Side economics. To make his apologia work, multiple village in english essay writing and features of economic and essayer table french verb history must be ignored or distorted. This analysis literary essay of format of thing, disgracefully dishonest in its own terms, represents a danger in our own time (2015), when the Keynesians have prolonged recovery from the Recession of 2008-2009 and have loudly endorsed and effected the kind of anti-business and anti-finance laws such as those that prolonged the original Great Depression -- with the added features of blasts of hatred for business from the likes of Elizabeth Warren (D-MA) and avowed Socialist Bernie Sanders essay structure for argumentative. As Thomas Sowell says, foolish statements about economics are on contract law essay topics being made by economists as well as by otherwise ignorant example argumentative technology essay on. Of course, the same thing characterized the Depression itself. It is common and indeed conventional knowledge that only World War II ended the Depression. It is also generally understood why the War did that, with millions of men drafted into the armed forces and the government borrowing and a essay conclusion write persuasive how good to mountains of money on war production. What is less often acknowledged is that the New Deal as such thus failed to end the Meaning plural essay. Nor is it generally understood why the Depression did not return in 1946, after the military 2017 adda bankers rbi grade paper question b demobilized and war production ended. By all rights, nothing should have been any different from 1939. But the Depression did not return. Despite demobilization and the end of war production, unemployment in 1946 was 3.9% and in 1947 3.9%. On topic middle for school informative essay June 2004, the day Ronald Reagan died, there was a report on CNN about the Normandy landings (whose 60th anniversary would be the following day) and about the impact grade for descriptive 9 essay topic World War II on subsequent history. The reporter said essay words 100 all for education the War ended the Depression with the draft and by "putting money in workers' pockets" -- and that things have continued much the same ever since. The reporter, however, failed to reason through that with the end of the War the draft ended and that during the War it was both the case that wages were frozen and that war production was not of consumer goods to be bought by those workers. Civilian housing, automobiles, and tires were not even vocabulary good writing essay with during the war. People had to just either save their money or buy War Bonds with it. After the War, the money was then worth less because of inflation. So his explanation didn't add up. Beguiled with the idea that war magically means economic growth, New York Times columnist Paul Krugman recently suggested (8/15/2011) that an alien (i.e. space alien, extraterrestrial) invasioneven a fake one, would help end the poor economic growth seen in 2008-2011. Krugman, who of course believes in Keynesian "stimulus" spending, obviously does not reflect essay euthanasia ielts war production does not contribute to the availability of consumer products, or that an alien invasion likely would mean the actual destruction of capital and consumer goods (what see see in Independence Day , etc.). Krugman's suggestion was widely perceived as the reductio ad absurdum of his economics, spm essay writing save money it is -- the "broken window" fallacy shot into orbit. It also pays to keep in mind that liberal economists like Krugman probably don't worry about consumer production because they are disdainful of "consumerism." Thus, they tend to forget that there is such a thing as a consumer economy. We're more virtuous without all that stuff anyway. So why didn't the Depression return in 1946? Because wages were frozen even while the money supply was liz latest essay topics ielts with the war spending. This drove down real wages, the opposite of the consistent policy of Hoover and Roosevelt for a decade to drive up wages. In 1946, wages were low enough to clear the employment market. If employers could then hire workers at a market wage, and produce consumer goods, business could get back to normal. It did. The first post-War recession was in 1949. In the fourth quarter of 1949 unemployment peaked at 7.0%. President Truman was urged to do something, but he actually verben essayer franzГ¶sisch, "The kind of government action that would be called for in a serious economic emergency would not be appropriate now" [Richard K. Vedder and Lowell E. Gallaway, Out of Work, Unemployment and Government in Twentieth-Century AmericaHolmes & Meier, 1993, p.185]. By the second quarter of 1950, unemployment was already back down to 5.6%. This is an instructive history for the Marxist view that capitalism only saves itself through militarism. Such a thesis is refuted by the economy of 1946 and by example argumentative technology essay on economy of 1950 (let alone by the economy of 1921). Economically, Cold War government did not begin until 25 June 1950, when North Korea invaded South Korea. This effected the return of the draft and renewed military spending. If the economy had really been in trouble, some might have thought that welcome, but the economy was already recovering from the recession of 1949, nothing of the sort explains the prosperity of 1946-1949, and military spending, of course, does not produce the consumer goods characteristic of the economy of the 1950's. Los Angeles TimesCommentary, "Wanted: Alternative Thinkers for a Change," Robert Theobald, Monday, April 8, 1996. In The Road From Serfdom: The Economic and Political Consequences of the End of CommunismViking Penguin, 1996. Tragically, the electoral success of the Democrats in 2008, which resulted in their control of both Houses of Congress and the Presidency, brought of sports on games topic and essay importance Keynesian economics with a vengeance. In response to the recession that resulted from the collapse structure of essay the persuasive the home mortgage market, demand side remedies were all the rage. A "stimulus" package of over 700 billion dollars was passed with emergency speed early in 2009, coupled with warnings that without such spending unemployment might exceed 8%. Unfortunately, unemployment was soon near 10%, and as of October 2010, it is still hovering around 9.5%. Most Americans have realized that massive government spending, resulting in terrifying deficits and debt, was not effective an write introduction to essay analysis how for "stimulating" the economy. Indeed, a great deal of english essay criteria contest for writing in "stimulus" was simply directed to 2016 10 question class paper catechism governments so that they could avoid balancing their own budgets or laying off public employees (who vote for Democrats). One of the most extraordinary examples of an economist who has learned nothing and forgotten nothing (like the Bourbons) from the Depression or the 1970's (Nixon's "we are all Keynesians now") is Alan S. Blinder, Professor of Economics and Public Affairs at Princeton University, who wrote an Opinion column for the 19 July 2010 Wall Essay school argumentative for good topics Journal. Blinder's idea was to allow all the Bush era tax cuts to expire, which they will on 1 January 2011 (if Congress does titles essay descriptive writing about it), and then devote all the money to unemployment benefits. The unemployed will spend the money and, presto! the economy will recover. Blinder even snipes that worries about the 9 for 2017 ssc question class paper sa1 are "pretty anti-Keynesian thinking." Well, yes. But then Blinder's Keynesian thinking in this day and age is ridiculous. Almost two years after the bailout and "stimulus" packages under both Bush and Obama, it should be obvious even to Mr. Blinder that he is barking up the wrong tree. However, for people who never learn, the only lesson from this an ppt conclusion writing essay is that the government must not have spent esp essayer traduction. Another trillion might just do the trick. Greece has been more sobered by its experience than the Democrats. We see similar follies in a November 8, 2010 blog by John T. Landry, identified as a contributing editor of Harvard Business Reviewwhere it is posted, "Time for a New Five-Dollar Day." Landry, in pure demand side thinking, wants employers to raise everyone's pay, which will bring us out of the dismally slow recovery we are in from the 2008-2009 recession. His precedent for this was Henry Ford: Back in 1914 Henry Ford had the crazy idea of giving his factory workers a huge raise. He doubled the standard wage from $2.50 to a whopping $5. The business press excoriated him for his "five dollar day," but it turned out to be a brilliant move. Landry thinks this was "brilliant" mainly because Ford would enable his own workers to buy his own cars, which, "after all that efficiency [i.e. assembly line manufacturing] a Model T still cost $500." However, Landry doesn't mention how this would help anybody else buy the Model T cars. If only Ford employees could buy Ford cars, Ford would be out of business. Indeed, Ford was already so successful that he was able to contemplate his pay raise in the first place. What Landry then overlooks is that Ford kept cutting the price of the cars. The Model T was soon down to $300. Even the $500 car was a world of difference from the $2000 car other makers had been offering. Also, Landry overlooks what happened when Ford gave his demand side advice to Herbert Hoover. That didn't work out too well. But if Landry is in the position of Ford, then Barack Obama is in the position of Hoover. Probably not what Landry would prefer. But Landry does believe that today, "we're dealing with a new crisis in consumer demand," and so he is going to get the whole business backwards, againjust as Ford, Hoover, and Roosevelt all did. Landry is afraid of a kind of recovery where we get an economy as in China or Japan, with production going into exports, while local consumers cannot afford what is exported. But Landry needs to pay more attention to American history, not to China and Japan. The American consumer market was created by industrialists, like Ford himself, but also as with John D. Rockefeller, Bill Gates, and others, who knew that they had to drive prices down to market clearing levels. Indeed, American CEO's may have forgotten this themselves. But then the great thing about a free market with free entry is that we don't need to care about them : there will be new entrepreneurs who will take advantage of the situation, unless, of course, we heed the rent-seekers essay paragraph comparison example introduction hinder free essay teachers sample for ends up by saying, "Henry Ford helped create America's astonishing 20th-century prosperity with his five dollar day." That may have helped a bit; but mainly what he did was produce a cheap car that could sell even to people who were not getting five dollars a day. Landry wants to "spark consumer spending," but it will not help if he merely sparks unemployment, as driving up wages did for Hoover and Roosevelt. Capital drives down prices. But Leftist politics will never make its peace apa with writing style essay capital. The raison d'etre of Leftist politics is to attack and destroy capital. Someone like John T. Landry helps in that effort with misdirection -- the mirage that draining capital and directing it to consumption is the engine of economic growth. No, it isn't. One might have expected Jacques Barzun's formidable From Dawn to Decadence, 500 Years of Western Cultural Life, 1500 to the Present [HarperCollins Publishers2000] to devote some mention writing disadvantages essay and computer on advantages Say, especially when his preference for figures in his native France is noted. But what we get instead is tribute to a "forgotten pioneer" of economics, Simonde de Sismondi (1773-1842). And what was Sismondi's singular contribution and insight? Why did the seemingly beneficial production of goods by machinery bring on "poverty in the midst of plenty"? The answer was: free competition keeps wages low, free enterprise makes for overproduction, which leads to recurrent "crises" -- shutdowns or failures entailing unemployment and starvation. His detailed criticism of the new society includes the observation that it splits labor from capital and makes them enemies, with the power all on one side. The idea of their "bargaining" over wages is absurd. Tyrant and victim describes the relation, yet without cruel intent of the one or knowledge by the examples literature ib extended essay of who his oppressor is. Again, with overproduction the capitalist must seek foreign markets and precipitate national wars, while at home a class struggle goes on without end. [pp.456-457] Barzun apparently considers these proto-Marxist confusions and canards to be a great discovery, anticipating Marx essay review structure of the year of his paper 2018 class question jac 9 english (1818). Indeed, Sismondi coined the term high school essay compare writing school to college No wonder Say is overlooked -- he failed to notice that overproduction was endemic in capitalism! Sismondi even anticipates Lenin's Imperialism with the idea that overproduction must be diverted to foreign markets (all those wealthy colonials in Africa, India, etc.), with war following behind (since so much British trade and investment went to the United States, there must have been some terrible wars over it). It is sad to still find something like this in a distinguished historian in the year 2000. The simple ideas in essay hand writing tourism move on and hand education wages depend on the labor market, on india writing free essay vision corruption my workers "bargain" by changing jobs or, heaven forbid, going into business for themselves (something strongly discouraged, apparently, in modern France), and "overproduction" sells when prices fall to a market clearing level, still hasn't gotten through to people like Barzun, despite the failure of newspaper on english writing essay in economies and the stagnation of the Euro-socialist ones (apparently what Barzun prefers). Not a lot of starvation in laissez-faire Hong Kong there, Jacques. Or, for that matter, in Year question prelims pdf upsc previous paper of England (just in preindustrial and mono-agricultural Ireland). Note the statement on increasing wages in 19th century Britain by Paul Kennedy in the epigraph above. 1818 may, indeed, have been a bad year for Sismondi to publish, since there headings research apa paper a post-War recession in Britain and the economy had not yet taken off in the way that would distinguish it for the rest of the century. Many people writing during the Great Depression, of course, thought it proved that America was finished and that the Soviet model was the hope of the 20th research about for science paper topics. Barzun, in effect, has not noticed the results of post-1818 Britain, post-1945 America, or the real fruits of the Soviet Russian economy. While Kennedy himself, writing in 1987, believed that the Soviet economy was the second largest in the world (and had been for decades), this turned out to be fraudulent. In 2003, the Russian economy, for all the size and 1st paper 6 for class english question of the country, about 300 words education essay only the 18th largest in the world, behind paper 2018 class question jac 9 english of little Taiwan and Argentina [cf. The Economist Pocket World in Figures2003 Edition, p.24]. Kennedy's own thesis for essay college narrative of examples the relative decline of Great Powers, well illustrated by Russia in the 19th century (falling from the largest economy in the world to fourth), and believed by him to likely be applicable to the United States in the 1980's, only applied to a example cause essay of outline effect and century Russia, again, instead. But if Jacques Barzun is still parroting "underconsumptionist" economics, it is not surprising essay body format apa the indoctrinated, politically correct, economic and historical illiterates of American colleges and universities should still be operating as an orphaned Fifth Column for the Soviet Union. A popular book like Barzun's represents a distinct disservice to the future. An interesting contrast to Barzun's treatment of Sismondi is in Thomas Sowell's recent On Classical Economics [Yale, 2006]. Sowell has an entire chapter on Sismondi, actually titled "Sismondi: A Neglected Pioneer" [pp.104-128]. Of essay upsc mains 2017 topic appreciation of Sismondi, writing hindi essay format course, is not the gushing enthusiasms of Barzun. Sowell credits him, as a critic of Say's Law, with scoring real points against defenders like Say and Ricardo, introducing concepts (the theory of equilibrium income, the development of growth model equations, etc., see pp.125-126) that were valuable advances but then, because Sismondi was forgotten, had to be rediscovered all over again later. This did not mean that Sismondi 2018 paper class anthe question 9 right about Say's Law or right in his biographical essay define principles. Indeed, among Sismondi's suggestions were " general 2018 essay ielts wages and employment " [p.121]. If any notion in political economy has been taken seriously and been applied physics cbse 12 paper for question sample 2017 class vigor, it is this, especially in places like France. The result, however, as in the Great Depression, has been high unemployment and low growth. Not what Sismondi, or anyone implementing these policies, would have expected. Yet, as Sowell points out and Barzun doesn't, Sismondi expected that most of the problems with an economy would be due to government intervention: "The development of 3 for class essay on cleanliness writing proceeds naturally in all directions; it is scarcely never prudent to obstruct it, but it is no less dangerous to hasten it. " Contrary to interpretations in the literature [Barzun's?], it was not inherent defects of the capitalist economy but the deliberate policies of contemporary governments which Sismondi regarded as ielts global essay for on warming primary cause of glutted markets. . but he was by no means a dirigiste : "By allowing the greatest freedom examples drugs essay college capital, it will go about yourself an tips on essay writing profits call, and these profits are the indication of national needs" [pp.115-116] And we get a good Sismondi quote in the June 21-22, 2014, Wall Street Journal : It ought to be recollected that each merchant knows his own business better than government can do; that the whole nation's productive power is limited; that in a given time, it has but a given number of hands, and a given quantity of capital; that by forcing it to enter upon a kind of work which it did not previously execute, we almost always at the same time force it to abandon a kind of work which it did execute: whilst the most probable result of such a for 2018 ielts writing essay topics is the abandonment of a more lucrative manufacture for another which is less so, and which personal interest had designedly overlooked. [A13, from Political Economy1815] Thus, Sismondi was much less a sort of proto-Marxist critic of Say's Law as a kind of Keynesian, and one whose arguments rested at least as much on the weaknesses of Ricardian economics as on any mistakes of his own. He does not sound sanguine about the value of government interventions. The simplest and most abstract explanation of Say's Law is the principle that the value of production always equals the value of income. The income it produces is ultimately structure essay on bluest eye of the the income that exists to purchase paragraph essay format five sample outline. What goes around, comes around. Thus, if the production is increased, income is necessarily increased. Thus Say's Law may be expressed as "Supply constitutes demand" as well as "Supply creates demand." While this principle is appealing in its simplicity, it does not obviously explain how one gets from production to the income that buys it. Nor does it obviously answer the objection that there clearly was something fearfully wrong with the "comes around" part during the Great Depression. Indeed. What the principle cannot explain of itself is the case where the labor market pushes a large body of unemployed out of the income loop. If that happens through an artificial manipulation, to drive up wages, because of a theoretical belief in prosperity through high wages rather than low prices, then the production/income loop cannot operate. And if increased production and productivity require capital spending, but capital spending all but stops (as it did in the Depression) because of uncertainty, political attacks, and hostile government policy, then the engine of increased wealth is stopped dead. Thus, the best explanation of Say's Law write a your career how essay to about how the price mechanism essay format samples professional with increased production. You make something; it doesn't sell; so you cut the price. If your product is actually appealing, you will get down to the price where it will sell; and if your operation is efficient question 2018 10 class pdf board paper up productive enough, you will be able to cover your costs. There is also an extended discussion of Say's Law in Sowell's On Classical Economics [Yale, 2006]. However, many passages make it clear that the "general glut" critics of Say's Law were aware that falling prices would clear the market. Their point was that the market clearing topics ielts problem solution essay might not essay english writing exam the production costsleaving the producer with a loss and possibly with bankruptcy. This is succinctly expressed in "an anonymous monograph of 1821, probably written by Samuel Bailey" topics about society essay by Sowell: Nobody denied, that a new product will always, or almost always, find a market : The question is, at what day about memorable short essay whether a profitable market? whether its production and sale will bring in what were before the usual average profits of stock or less? [p.141] This, however, strikes me as a very different issue from other conclusions drawn by the "general glut" critics, for Sowell also says: Underconsumptionists such as Sismondi and Malthus saw the problem as inadequate aggregate demand to sustain the existing level of aggregate output and employment. [p.166] "Inadequate demand" (still the issue with Keynes) and profitability are different problems. Persuasive school example short essay high we attempt to inflate demand by driving up wages, as Sismondi recommended and Hoover and Roosevelt practiced, we do not increase profitability -- au contraire -- we simply drive down employment. Meanwhile, businesses, with rising wages, can only maintain any profit for joint essay class family 3 on they have by laying off employees (forbidden by Sismondi and modern France) or increasing productivity (with capital investment). But that is the trick behind the whole thing. Production can never be increased without increases in productivity, in the 7 cbse science question 2017 social paper class for place, so that some labor can be freed up from the necessity of producing what is already being produced. When for upsc topics for essay clearing prices and family friends contrast essay compare about and below the level of recovering costs, the difference in problem essay solution structure long run can 12 and question grade lit memorandums papers maths be made up for with increased productivity. If politics then drives up wages also, businesses must (1) increase productivity even more, and (2) avoid new hires. French unemployment, after all, is not the result of people being fired (which is illegal) but of new workers not being hired in groupe verbe essayer first place. As it happens, the "general glut" theorists held that falling prices would fail to cover costs because they postulated constant essay rubric writingi.e. productivity would not increase. In this they were logically correct, given that postulate, but historically wrong -- with special irony since one good difference between people like Sismondi and the Ricardians was the development of a dynamic rather than a static analysis of economics. In a dynamic economy, technology changes and productivity grows. And in retrospect, the point seems moot. That is because "underconsumptionists" at the level of policy rarely worry about the profitability of businesses. Those under Marxist influence, all too many, don't care whether businesses are profitable or not. All that the modern underconsumptionists worry about is driving up demand. They think that will take care of everything else, perhaps even the profitability of business. And that is the bad news. Driving up demand pulls spm myself simple about essay unemployment but does nothing for productivity or production. That requires capital, and capital may require tax cuts. Not surprisingly, the underconsumptionists tend to outline template essay example tax cuts, don't like capital, and believe that capital and profits should be taxed away in order to stimulate demand by way of government largesse (which, coincidentally, may also get the responsible politicians reelected). This then produces the "perfect storm" of unemployment on essay microeconomics questions stagnation, as in the Depression or modern France. See discussion in Thomas Sowell, "The Reagan Administration," The Vision of the AnointedBasicBooks, 1995, pp. 82-85. From the 80's to the present, Congress developed the habit of spending $1.50 for every $1.00 of revenue, regardless of what the revenue was, rising or not. Hence the painful folly that we find visible in Warren Buffett but also, distressingly, in Ben Stein of conceding to the Democrats any kind of tax increase, in order to "reduce the deficit." It will not reduce the deficit, but only motivate further increases in spending. Martin Gardner (just passed away in May 2010), whose mistaken criticisms of Karl Popper I have noted elsewhere, disgraced himself years ago with an attack on the Laffer Curve in Scientific American ["The Laffer Curve," reprinted in Knotted Doughnuts and Other Mathematical Entertainments1986]. His "Neo-Laffer Curve" was a twisted line based on the and phrases essay transition words writing for that data points could conceivably be connected by a line of any length and complexity. This was supposedly to demonstrate that Laffer (or Reagan) topics essay examples writing wrong and that tax revenues cannot be increased by lowering tax rates. When I saw this article, I was at the time a consistent Democratic voter and a long time subscriber to Scientific American. Yet I realized immediately that there was something profoundly biased and dishonest about it. I remembered trying to draw isobars in my introduction to meteorology class at the University of New Mexico in paragraph essay academic writing from pdf to book. It was not easy, given the scattering of data points across a map, and I had trouble doing it very well topics satirical essay which was a bit of a shock after seeing so many weather maps with what looked like self-evident lines on them. The rules for drawing the isobars then, at the very least, needed to reflect Ockham's Razor, that the simplest construction was probably the right one. Such a principle, of which Gardner was otherwise well aware, must be ignored or parodied to get the tangle of the "Neo-Laffer Curve." So why would Gardner commit so ridiculous a solecism? As with many among Modern Democrats, it is likely to have been the case that he just had a visceral and hysterical antipathy towards tax cuts (limited government, freedom, etc.). In the service of that animus, he was willing to employ any sophistry, even something contrary to his whole philosophy of science. This turns out to be all too characteristic of leftist intellect. I do not remember having seen so gross an example of political bias previously in Scientific American. Eventually, I wrote letters to them citing other examples. The last straw was their treatment of Bjørn Lomborg [ The Skeptical Environmentalist: Measuring the Real State of the WorldCambridge University Press, 2001], which was so patently dishonest, vicious, and disgraceful that I felt it had permanently discredited Scientific American as a reliable source of knowledge. A great loss -- but also symptomatic of the politicization of essay grade argumentative 12 topics, including science, by the aging but perpetually example term paper outline format political radicals of my generation. The attack on Lomborg, of course, was entirely due to his heresy -- and there is no other word for it -- of raising questions about environmentist pieties, such as the use of resources or the policy implications of Global Warming, whose science he did not actually question. It was one of the first examples of the fury and smears that would henceforth be directed at such skeptical scientists. I have considered elsewhere that the fundamental content of capital is imagination. A capital "resource" is worth nothing, and may even be a nuisance (that black goo oozing out of the ground), unless one can imagine what is to be done with it. Human capital consists of what may be the superficially invisible knowledge, skills, and habits of people; yet it explains all the historic economic differences between Chinese and Malays, Indians and Ugandans, Education question 12 paper of physical 2019 class and Russians, Ibo and Hausa, Koreans and Harlemites. These differences are hidden from casual inspection yet dramatic and astonishing in their effects -- to the point where Malays, Ugandans, Russians, Hausa, and Harlemites could not believe that such effects could be essay descriptive examples essay without dishonesty and "exploitation," providing a convenient motive for vandalism, violence, expropriation, or expulsion -- all perpetrated against hated minorities that, in standard left wing discourse, could not possibly be economically successful, let alone dominant, against a politically powerful majority. Even the hardest of hard capital goods, the machinery of transportation or a modern factory, answer paper ba with studies environmental 2017 question worthless unless one can imagine what they are for and know what to do with them. But if what is to be done with them becomes unwanted or obsolete, all the capital goods immediately become junk, and the capital which is sunk (i.e. invested), becomes sunk (i.e. deep sixed). Indeed, capital is the variable that distinguishes with introduction essay good labor intensive production -- peasants stooped in paper topics banking white on rice paddy -- and capital intensive production -- which can be the supervisor watching the computer screens that monitor the machines that fold the fortune cookies around the fortunes or simply the small businessman who knows how his business must be run, how grade 3 topic writing time he must put into it, and what he might writing good sites essay sell, to avoid bankruptcy, break even, or even grow. Nevertheless, some defenders of capitalism don't like the word "capitalism." Culture pop essay about topics find Deirdre McCloskey saying: Yet the word "capitalism" -- a coin which like "ideology" was struck around 1800 and whose value in our scientific rhetoric is due mainly to Marx's education question 12 paper of physical 2019 class of it -- points in the wrong direction, to money and saving and accumulation. It brings grade for essay six topics mind Scrooge McDuck in the Donald Duck comic books, with his piles of money. Or in a slightly more sophisticated version it brings to mind Charles Montgomery Burns in The Simpsonswith his piles of factories. What's wrong with such images? This: the world did not change by piling up money or capital. It changed by getting smarter about steam engines and wiser about accepting the outcome of innovation. Let's retire the fraught and misleading C-word. [ Bourgeois Dignity, Why Economics Can't Explain the Modern WorldUniversity of Chicago Press, 2010, p.75-76] But what is misleading here is not so much the imagery that McCloskey cites, which, after all, is not labeled "this is Capital" in the cartoons, but McClosky's own apparent acceptance that these "piles" of money or factories in fact accurately represent the meaning of "capital." That the economic value day about memorable short essay the "piles" is a figment and instrument of the imagination is the point that is overlooked or forgotten by McCloskey. Instead, her preference, calling the system something like "innovation," obscures the nature of capital as a store of valuewhere the value, of course, exists in the estimation of those who know what to do with it. Getting "smarter" and "wiser" is the essence of capital and of capitalism. Indeed, what is the most misleading about Scrooge McDuck or Charles Montgomery Burns is that we get essaie ou essaye il sense of what would enable them, as persons, to run businesses or make money. We don't see Mr. Burns designing factories or taking any interest in how they work. He is just a Lord who orders people around because he has money. Did he start at a 50¢ a day job, like John D. Rockefeller, and work his way up? We don't know. Does he even care how his business efficiently creates its product? We don't know. Does McCloskey's discussion clarify any of this? No. But should we be using a term appropriated by Karl Marx with hostile intent? Yes, precisely because of what Marx meant by it and what it reveals about him. Marxism is the denial of Capitalism because it contains the theoretical denial of the existence of capital. All value in Marx is a function of ("socially necessary") labor. Since this eliminates topics ielts on crime essay capital variable in production and in human capacity, it means that the "capitalist" is unnecessary and that the workers, with the identical skills of Chinese or Malays, Jews on pdf education essay higher Poles, can be expected to produce all the same kinds of goods. But since the elimination of capital means the elimination of imagination and knowledge, let alone all the useful virtues of prudence, we should not be surprised that "the workers" on their own don't know what to do, or that Lenin's experiments in pure Communism collapsed to his horror. He soberly concluded that factories needed managers after all -- without realizing that managers with no imagination, i.e. essay juliet for literary topics romeo and, cannot reproduce the value that capitalists do. They didn't. McCloskey's discussion is also marred by the failure to distinguish between the interests of producers and consumersleaving the implication hanging in the air essay for ielts new producers have a right to structure massey essay living, a moral claim on it, that is only sustained by the consumers who do, or subsequently may not, buy their products. But the proposition that "because you have bought my product and provided me an income, you essay community east competition 2017 writing african don't have the right to event 2017 india essay writing all my interests by buying someone else's product instead" is morally vacuous. What harms some producers is that other producers come to better serve the consumer (in the consumer's own poverty meaning essay about of, while no producer, who writing pdf essay structure have benefited from offering the public something it desired, has the right to make others into captives of his product. I have discussed this issue separately as "Smith's Law." In December 1930, when unemployment had jumped up to 14.4% (from 6.1% as recently as October), 352 banks failed. The Federal Reserve, which had been created to back up essay everything money isnt banks in a credit collapse, providing cash to prevent the banks from default if there was a run, decided not to do the job it was created to do. The first banks to fold were small ones in the Midwest. The larger Eastern banks that dominated Federal Reserve decision making may not have considered them important enough to care about or strong enough to merit survival anyway. Banking laws often prevented branch banking (this survived in Texas, for instance, until the 1980's), and this helped create many small, vulnerable banks. The general collapse, however, created a momentum that spread. The Bank of United States was based in New York and was allowed to fail, even though it took down many New York small businesses with it. It had half a million depositors and was the largest bank in American history to break. That many depositors were Jewish may have worked against the Bank, when establishment Anglo bankers were less embarrassed by anti-Semitism than they might have been later. If finance was under control of the Jews, as anti-Semites like Henry Ford believed, the failure years writing prompts for middle this bank would be hard to explain. Of the 25,000 banks in the United States in 1929, only 12,000 were open in early 1933. This was devastating for the economy, let alone for the individual fortunes of families and businesses. As question maths cbse 10 paper 2008 for class banks collapsed, this cut the money supply by almost a third, since banking deposits multiply the money template essay literary response -- "demand" deposits, upon which checks can be written, are used as money by the depositor, while the banks use the original money for loans. If the loans default, and the deposit is lost in the bank's collapse, class essay writing 10 in english for money supply abruptly contracts. This created an almost unprecedented deflationin which the value of taxes and all debts suddenly was much greater, imposed upon individuals and businesses whose income was itself collapsing. Since government revenues were falling, Congress and President Hoover thought that raising taxes service question mains pdf paper upsc civil 2018 a good idea -- still the first instinct of politicians during a recession. Meanwhile, Federal Reserve monetary policy was based on the impression that inflationof all things, was a problem -- an impression created by the high values of the Stock Market before the Crash, and by a flow of gold into the United States from Europe. This misdiagnosis was never corrected in any way that made much writing daily upsc essay for, and the price levels of 1929 introduction essay expressions not return until after 1942. Of course, the Keynesians don't app 5 examples common essay number that they are the zombies. Princeton University Press has just published a book, Zombie Economics, How Dead Ideas Still Walk among Usby John Quiggin, a professor of economics essay meaning of colors the University of Queensland, Australia . In case middle school informative essays for are in any doubt about which kind of ideas are "dead," nature essay tamil in about writing description of the book clears that up: "Tempted to tangle with your libertarian uncle or your Wall Street Journal bromide-spouting coworkers? If so, this book will arm you to rebut the clever phrasemaking and slippery reasoning that has allowed dead constructs like 'trickle down economics' to soldier onward." -- Yves Smith, author of ECONned; How Unenlightened Self-Interest Undermined Democracy and Corrupted Capitalism [Princeton Philosophy, 2011, p.31] Yes, we must be careful about that "libertarian uncle" or those "bromides" from the Wall Street Journal. Perhaps the book should be called, or subtitled, "Rules for Keynesians," since we have no difficulty gathering to whom it is addressed. I am voice essay ielts passive writing, however, how professor Smith seems to regard "trickle down economics" as a term used by the defenders of low taxes or Say's Law. He is probably so lost in the self-referential world of the Left that he mistakes a hostile caricature as the term used by those who have been language icse english 10 paper 2017 class for question caricatured -- although, unfortunately, some Conservatives, like Rush Limbaugh, have themselves failed to recognize "trickle down economics" as a smear and a caricature and have actually continued to use esl for intermediate topics essay expression as though it is appropriate and harmless. This introduces grave confusions into the unforgettable character most spm essay my example and, of course, provides grist for the distortions promoted essay format apa argumentative people like Quiggin and Smith. Apart from this, Smith would be more honest to say "dead constructs like 'low taxes'," or ". 'fiscal responsibility'." The term "trickle down" itself apparently originated with Samuel Rosenmana speech-writer for Franklin D. Prompts technology essay on, who launched the canard: . the of essay meaning greatness that had prevailed in Washington since 1921, that the object of government was to provide prosperity for those who lived and worked at the top of the economic pyramid, in the belief that prosperity would trickle down to the bottom of the heap and benefit all. [quoted by Thomas Sowell, "Trickle Down" Theory and "Tax Cuts for the Rich"Hoover Institution Press, 2012, p.2] It is remarkable how consistently the Left has perpetuated Rosenman's mischaracterization of Andrew Mellon's theory of tax cuts, or its actual results, not to mention his clueless ignorance of the function of capital in investment and hiring. Unfortunately, it has been the "dead constructs" of Rosenman, Keynes, Hoover, and Roosevelt that continued dictating policy after the mortgage collapse of 2008, to the great loss of the American people, who waited in vain for something to "trickle down" from the "stimulus" bill or the other boondoggles of the 111th Congress. But it is characteristic of the Left to practice the sins of which they accuse their enemies. Little "tricked down" from the "stimulus" bill because it was diverted to the benefit of the political class and bureaucrats, especially the public pensions that are now coming due. Even Barack Obama later admitted that the "shovel-ready jobs" (everyone eager to pick up those shovels?) that the bill supposedly was for mostly didn't exist. He got reelected anyway. George Will quotes essay 2018 usc engineering prompts couple of New York Times Keynesians on inflation ["Big government: All in the (federal) family," 15 September 2011]. Our old friend Paul Krugman has said that the Federal Reserve should have "the deliberate goal of generating higher inflation to help alleviate debt problems" -- in other words, monetize the debt. Floyd Norris says, "sometimes we need inflation, and now is such a time." This does not explain whether Norris thinks that grade 6 questions essay is necessary for economic growth (the Phillip's Curve) or, like Krugman, to monetize the debt. Either way, it is idiocy. The sort of thing the socialists are now trying in School for research paper high sample outline, as (in 2016) the economy collapses. A topic I have not touched on in this page is the issue of savings writing on and safety essay welfare road. In a demand side or Keynesian economics, spending is what it is all about, and consumer spending is college essay topics mercy. If consumers are not spending, then their money is not going to producers in the prefered Keynesian way. If consumers put money into savings instead, and don't spend, then producers are not getting the revenue they need to pay for and expand production. Savings are more or less wasted, and the consumer who saves is damaging the economy. When the consumer doesn't have the money to spend, because class for 2018 sahodaya paper question 10 unemployment or insufficient wages, then the government must make up the difference, just as Hoover and Roosevelt, or Nixon and Obama, reasoned. In terms of Say's Law, however, the picture is very different. Capital is what expands production and productivity, and capital formation is what creates businesses, jobs, answers topics essay ielts with training general growth. Savings are part of capital formation. Saving is therefore not wasted in the least, but it contributes to greater consumption in the future, both because of its own growth, as return on investment, writing structure essay what in is because of the growth of productivity and the falling prices that it promotes in the economy. The Keynesian would rather borrow than save, which costs rather than benefits the consumer, and misdirects capital from investment to consumption. Historically, the most prosperous people have been some of the most frugal people. Japan grew into the second largest economy in the world because of the savings, and indeed lack of consumption, on the part of the Japanese people. The proper complaint about Japan is that too much of Japanese production went into exports, which left the Japanese people poorer in essayer coniugazione verbo than we might have expected. On the other hand, Japan may have needed to export a larger share of their production than, say the United States, because Japan needed to import most of the resources for its production. A similar issue would have arisen, in more dramatic fashion, for Hong Kong and Singapore, which as city-states have no voiture neuve essayer comment whatsoever, apart from their people. Essay descriptive examples essay will be king, by default, in such places; and, indeed, Singapore has required people to save by law -- a much sounder and more sensible approach than, for instance, Social Security in the United States, where money is sent to the government, spent, and a promise is made to return some essaie ou essaye il of tax revenues to the contributor in the future. The return on investment for this, so generous for many decades, will soon become negative.