Capitalism
by George Reisman · first published 1992
67% recommend17% neutral17% critical
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…natural resources for productive purpose have been made eloquently in: - The Ultimate Resource by Julian Simon [1] --the human mind has limitless potential to select and pursue the use of materials; and - Capitalism by George Reisman [2] -- the phenomenon of price responds to actual supply and demand, and prompts profit-seekers to develop and switch production accordingly. [1] http://www.amazon.com/dp/0691003815…
on “Why most resources don't run out” ↗Most of those investopedia inflation theories were debunked by George Reisman in the book "Capitalism". There's an awful lot of garbage circulating around as to what inflation is and what causes it. The most ridiculous was Gerald Ford's WIP (Whip Inflation Now) campaign in the 70's: https://en.wikipedia.org/wiki/Whip_inflation_now…
on “Self-Control in Chimpanzees Relates to General Intelligence” ↗The Law - Frédéric Bastiat. http://bastiat.org/en/the_law.html Capitalism - A Treatise on Economics - George Reisman. http://www.capitalism.net/Capitalism/CAPITALISM_Internet.pdf The Works of Lysander Spooner. http://lysanderspooner.org/node/2 The Machinery of Freedom David…
on “Ask HN: What are your recommended reads that are available for free?” ↗For a thorough understanding of free-markets and the laws of economics, Capitalism: A Treatise on Economics by George Reisman. Economic Sophisms by Frédéric Bastiat. Socialism by Ludwig von Mises.
on “Ask HN: What are the must-read books about economics/finance?” ↗…do those profits flow to entities other than shareholders?) > ...are steady-state corporate profits zero? I learned the answers to these questions from economist George Reisman. I recommend his book Capitalism, specifically chapters 16 - 17, where he explains the answers and how he arrived at them. The book is available for free in PDF format here: https://capitalism.net/CAPITALISM_Internet.pdf In short, the…
on “U.S. stock market returns – a history from the 1870s to 2022” ↗…I'll either explain to you why that's not the case, or concede the point. I scanned at the list of examples on Wikipedia briefly, and didn't find any "free market monopolies." [1] http://www.amazon.com/Capitalism-Treatise-Economics-George-R...
on “Why First Round Capital funded a lawsuit” ↗…Only if those materials exist in the actual world first. So not that limitless after all. (And that's if we indeed accept that the mind's potential is "limitless", which is non-scientific mumbo jumbo). >Capitalism by George Reisman [2] -- the phenomenon of price responds to actual supply and demand, and prompts profit-seekers to develop and switch production accordingly. Says nothing about resources "not running…
on “Why most resources don't run out” ↗…controls on oil in Aug 1971, which enabled the oil embargo, gas crises, etc. This all stopped when Reagan, as his first Executive Order, repealed the price controls. We haven't had a gas crisis since. See "Capitalism" by George Reisman pg. 189
on “Peter Thiel: Competition is for losers” ↗> In 1973 and 1974, OPEC countries imposed a partial oil embargo in response to the 1973–4 Middle East war George Reisman in "Capitalism" writes that the oil price shocks were due to Nixon placing price controls on oil. More evidence for this view is that when Reagan signed an Executive Order eliminating them, gas lines disappeared overnight…
on “The Economy” ↗…and the oil from non-Arab sources got shipped to other countries who outbid the US. Price controls prevented finding new sources of oil. There's more, a thorough treatment is in George Reisman's book "Capitalism" pg. 188.
on “Economic Inequality” ↗