Government should never be able to do anything you can't do. If you can't steal from your neighbor, you can't send the government to steal for you.
Economics also has to become a fundamentally monetary discipline__rom the consideration of how individuals make market decisions through to our understanding of macroeconomics. The myth of "the money illusion" (which can only be true in a world without debt) has to be immediately dispelled, while our macroeconomics have to reflect a monetary economy in which nominal magnitudes matter, precisely because they are the link between the value of current output and the financing of accumulated debt. The dangers of excessive debt and deflation simply cannot be comprehended from a neoclassical perspective.The discipline must also become fundamentally empirical, in contrast to the faux empiricism of econometrics. By this I mean basing itself on the economic and financial data first and foremost__he collection and interpretation of which has been the hallmark of contributions by econophysicists__nd by respecting economic history, a topic which has been systematically expunged from economics departments around the world.
Adbusters #84 Pop Nihilism
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Economics also has to become a fundamentally monetary discipline__rom the consideration of how individuals make market decisions through to our understanding of macroeconomics. The myth of "the money illusion" (which can only be true in a world without debt) has to be immediately dispelled, while our macroeconomics have to reflect a monetary economy in which nominal magnitudes matter, precisely because they are the link between the value of current output and the financing of accumulated debt. The dangers of excessive debt and deflation simply cannot be comprehended from a neoclassical perspective.The discipline must also become fundamentally empirical, in contrast to the faux empiricism of econometrics. By this I mean basing itself on the economic and financial data first and foremost__he collection and interpretation of which has been the hallmark of contributions by econophysicists__nd by respecting economic history, a topic which has been systematically expunged from economics departments around the world.
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The principle that the end justifies the means is in individualist ethics regarded as the denial of all morals. In collectivist ethics it becomes necessarily the supreme rule.
Laissez faire (in its full true meaning) opens the way to the realization of the noble dreams of socialism.
Growing economies are built by billions of actors behaving according to their own interests, coordinated through institutions that no one in particular created.Realizing this requires humility, a trait that is in short supply among would-be dictators, politicians, and bureaucrats, which is precisely why these groups are the proven enemies of prosperity in all times and places.
There is only a certain amount of wealth in the world, this thinking goes. Economics is a matter of acquiring and allocating, not creating. This was the view of the world__ smartest people, all top philosophers and not stupid people, for many thousands of years before the age of the enlightenment. It still is.