Thursday The concept of a middle class is very new. It emerged in England during the Industrial Revolution. From there it spread throughout the UK and then outward to what became known as the Western world. Since time immemorial, there had been the few who were strong (rich) and the many who were weak (poor). The strong took from the weak and that was … [Read more...]
The Law of the Jungle
Monday The concept of a middle class is very new. It emerged in England during the Industrial Revolution. From there it spread throughout the UK and then outward to what became known as the Western world. Since time immemorial, there had been the few who were strong (rich) and the many who were weak (poor). The strong took from the weak and that was just … [Read more...]
Capital Destruction and Dispersal
Wednesday The prosperity of Western Civilization is built upon accumulations of money. Accumulations of money translate into money to lend and, the reverse side of the coin, money to borrow. Borrow for what? Increased production – the making of better and/or cheaper goods. (It is interest, and only interest, that draws this money out of the … [Read more...]
Free Market Man
Monday My conversion from a Gough Whitlam supporting, dope-smoking, loony leftist was achieved on a farm at Quinninup in West Australia. It was a beautiful property and I think of that time with great fondness. The area was a mixture of farmland and logging. Those who owned farms didn’t allow logging. That all happened on government-owned land. The land was leased by … [Read more...]
Principle of Subsidiarity
Saturday “The true minimum wage is zero—the amount an unemployed person receives from his nonexistent employer,” Milton Friedman A wage is paid when an employer (non-government) determines that he can profit by employing the person at that amount. If the wage is so high that the employer cannot profit, then he will not employ the person and no wage will be paid. A … [Read more...]