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There Will Be No Recovery Without Production

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Through most of the coronavirus crisis, those who have made the case for stay-at-home, reduce or stop work, and narrow the range of retail shopping to assure “social distancing” to reduce the spread of the virus have accused their critics of being more interested in preserving livelihoods than “saving lives.” But there is no preservation of any lives if people are not able to produce and work, without which none of the necessities and other wants of any members of society can be fulfilled. Listening to many politicians and political pundits, and even some “economists,” you could easily think that 250 years of economic understanding had never happened. One of the oldest of economic fallacies is that money is wealth; that is, the notion that if you create pieces of paper, put some kind of government stamp on it announcing that it is “money,” and spread it around among the members of society, you thereby conjure up from nothing actual ...

The Conquest of America by Communist China

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So, “Who’s in Charge?” That is the question that David Remnick, editor of The New Yorker, recently (April 25, 2020) asked in terms of dealing with the coronavirus crisis. New York Times columnist Thomas Friedman also recently insisted that “We Need Great Leadership” (April 21, 2020), and he was sure what it looks like. While the efforts of individuals, great and small, are acknowledged in facing the coronavirus, the primary presumption is that the country needs strong, confident, and convincing political leadership and direction. How very wrong this really is! Whether it be governments in Europe and other parts of the world, or here in the United States at either the federal or state levels, the default position among political leaders, the scientific “experts,” and the mass media pundits and talking heads has been that people and communities cannot and must not be left alone to find ways of dealing with the tragic and for some a very deadly virus ...

Will there Be Tyranny in the Post-Coronavirus World?

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The coronavirus crisis will be considered one of the most important global events of the early decades of the 21st century. Like a pebble that is dropped in a pond of water from which a series of waves are sent out across its surface, the virus has created waves of hundreds of thousands of human victims in countries all around the world from its originating epicenter in Wuhan, China. Among the questions facing the United States is not only how to immediately deal with this tragic pandemic, but what lessons should be learned from it concerning the future role of government in society and the types of economic policies that should be extended or introduced. The editorial board of The New York Times (April 9, 2020) has proposed an expansive agenda, in what they say is “The America We Need.” The Times editorial board declares that there is “need for new ideas, and the revival of older ideas ...

Not Losing Sight of the Classical Liberal Ideal

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In the midst of the Second World War, the famous Austrian-born economist Joseph A. Schumpeter (1883-1950), published his famous book, Capitalism, Socialism, and Democracy (1942). He asked the question, “Can Capitalism Survive?” He answered, “No.” He expected some form of socialism, dictatorial or “democratic,” to supersede the private market economy in postwar America. He was proven wrong. Postwar American ...