In a completely free market, there is no such thing as a corporation. A corporation is a legal fiction created to protect an entrepreneur's personal property from debts incurred in their commercial endeavors. In a sense, corporations are a form of welfare; they assure that failure, whether it be from poor judgment or bad luck, will not leave the ( Read more... )

Socialism, in the broadest sense, is government effecting social change through economic means.

Individual rights do not extend to harming others. The purpose of economic regulation is to limit indirect, non-obvious, or long-term harm.

It is a fallacy that spending is equivalent to production.

As far as I know, I'm the only economic theorist ever to have articulated this. I haven't named it, but I always associate it with Reaganomics.

Conversation with adrian_strays has led me to refine it thus:

It is a fallacy that trade is equivalent to production.This encompasses not only "trickle-down ( Read more... )