Every state makes theft illegal: if I cosh you in the street and steal your money, I am breaking the law, and should expect to go to prison for it. Yet, curiously, there are numerous examples of the state legalising theft. 1) William the Conqueror In 1066, William of Normandy… Read More »State Legalisation of Theft
When analysing the effect of a National Minimum Wage (NMW), the first point to consider is whether the mandatory NMW is higher or lower than the market wage for the same work in the same location. Setting a national level minimum wage is therefore problematic, in that the market… Read More »Effects of Minimum Wage laws
Is Green Capitalism a Contradiction in Terms? Certain voices lay the blame for the incipient climate crisis at the door of capitalism. In this view, it is the very system of capitalist economics which is the proximate cause of the pervasive environmental degradation, which poses a threat to future food… Read More »Green Capitalism?
I assert that long duration government borrowing is “taxation without representation” which is forbidden by the English Bill of Rights of 1689. Governments have three choices to fund their programmes: taxation, borrowing, and money printing (such as QE). Taxation requires the current generation of taxpayers to pay for the current… Read More »Taxation without Representation: Stealing from our Children
A 16 year old girl is murdered in Warrington, UK, by two 15 year olds, who had been watching violent content online. My heart goes out to the family of the dead girl: it’s a tragedy to lose your daughter, and wonder whether there was something, anything, you could have… Read More »Pointless Violence?
As with so many other aspects of economics, the origin of money gets caught up in politics. Many theorists want their preferred model of political economy to become self-evident from their analysis of what money is. Libertarians want to exclude the state from control of money and therefore assert that… Read More »The Origin of Money in Sumer
Western pundits are fond of calling President Putin an autocrat and denigrating Russia as not a democracy. However their crocodile tears would be better shed at home, where lack of democratic legitimacy is at least as bad, if not worse. In the 2024 election in the UK, Labour secured a… Read More »Shed a (crocodile) tear for democracy
Social organisations are inherently small-c conservative, in that over time, they tend to become more cautious, more inclined to stick with what has gone before, and less open to radical change. This applies all the way from small community organisations to the governments of countries and leadership of huge businesses.… Read More »Why organisations are inherently conservative
It would be nice if guaranteeing equality of outcomes could lead to a happier society, but it’s never going to happen. Communism is generally considered to be a political and economic system which is characterised by common ownership of the means of production and free access to the articles of… Read More »Why Communism must be Coercive
In part 1, we looked at Violence, Trade and Law, with regard to Property. The Origin of Property In 1797, Sade wrote “Tracing the right of property back to its source, one infallibly arrives at usurpation. However, theft is only punished because it violates the right of property; but this right… Read More »On Property : 2 : Justice