Austrian economics is reality based. The current economic policies coming from Washington are based on economic fantasies. | Justin M. Ptak
https://t.co/Svy5OVNwma
A robber takes your wages and promises to return them. Thirty years later you ask for the money. He admits he spent it, then offers a fix: he will rob your children and hand you the proceeds. @RyanMcMaken on what Social Security is. https://t.co/Wuc73YCYad
There is no "trust fund" or contract. Social security is nothing more than a scheme to take money from current wage earners and hand it over to others. It is functionally a welfare program. | @ryanmcmaken
https://t.co/6o3MStZEjS
How can we get the investments needed to produce what benefits us, if not money is extracted from us and spent by our visionary servants the politicians and bureaucrats? We certainly cannot expect entrepreneurs, paid for their services, to develop good solutions for customers. /s
What makes America great? Judging from both policy and rhetoric from Washington DC, the answer is the FedGov's (a) protecting businesses from competition so that they cannot find their real strengths and (b) stripping consumers of the ability to choose better or cheaper products.
@SandSteelCotton You both should read the declaration of independence the constitution and federalist papers the way you both sound like you probably never took the time to reads those documents
Isn't it fascinating that so many political ideologies are based on, or require, outright denial or at least a fundamentally distorted view of economics?
A French diplomat in America called the new Constitution "a second revolution," adding that "the illusion of democracy, to which the mob was becoming attracted, has now vanished." @RyanMcMaken on 1787 as counterrevolution. https://t.co/RtnaKRbcPm
"The real winners in the economic game aren’t the companies themselves but the customers they cater to. Competition among businesses is what drives innovation and the better satisfaction of human wants, and business failure is a necessary part of that healthy process." - Axel Weber
When visiting and traveling in developing countries and interacting with the people, what stands out is the prevalence of the mythology of government. This is also a major reason why these countries' populations fail to take themselves out if poverty.
Populists have spent the past decade rebelling against a political system they correctly recognize as rigged. But they keep focusing on its surface-level symptoms while ignoring the institution at its center. | @connorokeeffe
https://t.co/EwLxq9AVUW
"What's the right amount to pay teachers?" @PaulCwik says every time he asks, the answer is "More." In the private sector a raise follows a rise in productivity. So what is the educational equivalent of the new machine that made workers worth more?
The most consequential event of modern history is barely taught. @DrMarkThornton: communism fell, capitalism rose across China, Russia and Eastern Europe, and nearly two billion people left extreme poverty in our lifetimes. Students hear almost none of it.
Nobody can know what consumers will value until after they have valued it. @PerBylund: that is why all production is a bet, why losses are possible, and why an economy without entrepreneurs willing to be wrong cannot improve on purpose. https://t.co/2844MRZwa2