The H. L. Mencken of Economics

While reading biographical accounts of Murray Rothbard, one thing becomes clear to me: He was very true to himself, more than most thinkers I have ever read of. Murray Rothbard was an honorable exception in a profession where even blind idealists find themselves being tempted to play by the rules. There was of course, a […]

On Hayek

“At first, I kept wondering how it could be possible that the educated, the cultured, the famous men of the world could make a mistake of this size and preach, as righteousness, this sort of abomination—when five minutes of thought should have told them what would happen if somebody tried to practice what they preached. […]

Overproduction Doctrine

One of the greatest fallacies on economic depressions is that it is caused by overproduction. “Overproduction is the natural tendency of capitalism to expand the production of commodities that does not acknowledge the limits of the market (demand). Since the production and circulation of goods is not planned and firms are in constant competition for […]

Power And Capitalism

t is often argued that, in an anarcho-capitalist society greedy people would end up having a lot of power. The facts are quite the contrary. It is a free society which prevents people from acquiring political power and hence misusing it. What the proponents of this theory forget to consider is that greed could apply […]

Inflation Is Man Made

“Food Inflation”, as they have named it, has soured to a decade’s high in India. As usual, speculation and hoarding is being blamed. False remedies are being proposed. It is time to think in terms of fundamental principles. Ayn Rand had pointed out decades back in her essay “Egalitarianism And Inflation” that “Inflation, a man […]

The Cure For Inflation

New Year’s day headlines in many newspapers was that the rise in food prices in India is at 19.83 percent.It is the highest in the decade and shows no sign of subsidence. Interestingly, The Finance Minister Pranab Mukherjee said that keeping a rein on inflation is a huge challenge for the Government. It is easy […]

Inflation Myths

As food prices are soaring in India, quack economists are in the process of reinstating certain myths on inflation. Many are proposing false remedies. Such fallacies should be dealt with in some detail: 1)Finance Minister should fix the value of the Rupee. A proposition of Amar Singh, the general secretary of the Samajwadi Party was […]

Taxation is Robbery

“Throughout men’s history, money was always seized by looters of one brand or another, whose names changed, but whose method remained the same: to seize wealth by force and to keep the producers bound, demeaned, defamed, and deprived of honor. Yet through all the centuries of stagnation and starvation, men exalted the looters, as aristocrats […]