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Debates about similarities in Jesus' and Horus' life

Now, however, a stalemate in the war of attrition seems to exist where neither side is really winning and the black hats give as good as they get. President Putin, despite protestations to the contrary, has abandoned his avowed policy of establishing secure tenure for property with freedom and light taxation for enterprise, both indigenous and foreign. The Yukos affair bore spectacular witness to this U-turn. The company, the country’s biggest privately owned hydrocarbon producer, was hit by a series of claims for taxes in past years that could not even pretend to be founded on the tax code; for 2001 and 2002, the back tax claimed exceeded the company’s total sales. To satisfy unpaid tax demands of $21 billion, the government put up Yukos’s largest productive asset at public auction and sold it to the sole bidder, a letter-box company, for $9 billion; the letterbox company then sold it on to state-owned Rosneft for the same amount. The sinister aspect of this comedy is that the Russian government asserts with a straight face that Yukos was not nationalized, let alone confiscated; the transaction was a perfectly normal case of recovering a debt owing to the state. There is much apprehension in Russia that other, albeit less spectacular, cases will follow.

abstinence only essay: The strength of group only abstinence sex comprehensive education vs

The concept of opportunity cost was first formally defined by one of the founding fathers of the Austrian school of economics, Friedrich von Wieser, in 1876. A generation earlier Bastiat made it clear to the ordinary reader in his brilliant essay “What Is Seen and What Is Not Seen,” in Frédéric Bastiat, ed. George B. de Huszar (1964; reprint, Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1995).

Paul Valery's Crisis of the Mind (1919) - History Guide

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“Normally,” I was told, “it would not occur. But if you knew Yakoubovich, you would see how it can happen all the same.” And they told me a number of anecdotes about the gentleman in question to illustrate the point. One of them, I found, teaches a great lesson about economic policy and much else besides.

How soon, in reading the above, did you spot the underlying, crucial fallacy? Its course is a mixture of the plausible and the preposterous, and any reader who gets a little lost in the backing and filling between such opposites has an excuse of sorts for being bemused. However, clearing away the muddle is fairly straightforward provided we refuse to be impressed by verbiage, but stick doggedly to common sense, hard as that may sometimes be to do in the face of the massive browbeating that seeks to enthrone the verbiage.

Lengthy extract from Paul Val ry's Crisis of the Mind (1919)

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In reality, they do not. More precisely, what they do say beyond the trite fact that generally you are not allowed to hold on to all you earn, and particularly their copious references to how this squares with justice and freedom, is largely smoke-and-mirrors work. It relies on the tacit fiction that the tax treatment of income and wealth is the outcome of judging and evaluation done by a single mind, the mind of “society.” The result is necessarily consensual and nonconflictual. Everybody wants property to be subjected to the same constraints, so as to create an agreed “framework . . . all find morally comfortable” (p. 42).

One of the great theorems of economics tells us that, in a competitive equilibrium and with constant returns to scale, income distribution is a function of the marginal productivity of the factors of production and their ownership. Buyers pay and sellers get the marginal product, benefits equal contributions, and “there is no free lunch.” Much the same equality between factor rewards and products is explained by the exclusive nature of ownership. Exclusion bars access to resources except by the owners’ consent. Productive resources are exchanged at the values of their marginal products. Once again, there is no free lunch; everything is fully paid for. Moreover, since all exchanges are voluntary between willing buyer and willing seller, the distribution of benefits and contributions is just if the initial appropriation of resources was just. One might say, alternatively, that the question of justice cannot arise.

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Josef Seifert: Does Pure Logic Threaten to ..

Like the road to hell that (as all know) is paved with good intentions, the road to economic stagnation and relative poverty (as all do not know), is paved with policies. Some, such as the “legal” work week, price and rent controls, or “job protection,” are counterproductive, wrongheaded if not downright asinine. Others, such as compulsory social insurance or the sharply progressive taxation of income and inheritance, serve purposes that well-meaning public opinion thinks are both rational and just, that help build voting coalitions the government needs, but whose true economic cost is so pervasive and diffuse that it is never really perceived. Finally, there are policies aimed at mitigating the unforeseen side effects of other policies or at achieving particular results in, say, regional development, research, the pattern of foreign trade, or the support of certain industries, that may look quite reasonable if regarded in isolation, but whose cumulative weight disturbs and distorts the work the price system is to do in keeping the economy on an upward path tolerably close to its potential.

British Literature – Easy Peasy All-in-One High School

You may object mildly (you might indeed object indignantly) that you have squared all these debts when you paid for the food and all the other commercially provided goods and services you used, and when you paid the taxes to finance the goods and services the state provided for you. The distribution of incomes was what it was because the prices of these goods and services, and the taxes, were what they were. Ultimately, all these things (except the taxes—but believers in the social contract would not allow even that exception) were matters of voluntary exchange. Voluntary exchange is a positive-sum game in which there are no losers, no debt is left unsettled, and no room is left for any other distribution that would make everybody better off. Is there anything left for socialism to complain about?

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In the last resort, the cry then goes up for more social responsibility, more morals. In a normally functioning capitalist economy not pulled and pushed off balance by the politics of policies, the need for morals is at a minimum. Most economic agents are called upon to do only what is “incentive-compatible.” This jargon term, regrettably part of the language of economics, means that the butcher and the baker best fulfil their role if they maximize their profit (or otherwise act in their best interest). The exception is the principal-agent relation, such as that between the employer and his employee, the owner and the manager, or the citizen and the state. Such relations are only partly or not at all incentive-compatible and leave a need for supervision and ingenious incentive-creating contracts. Egalitarian arrangements and command economies are both almost totally incentive-incompatible.

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