Reisman on the Laissez Faire Slander

Economist George Reisman has penned an excellent essay on the current crisis. It is entitled "The Myth that Laissez Faire is responsible for the Financial Crisis".

Reisman on Obamanomics

After an absence of three months, George Reisman returns to blogging with two posts. In the brief, more recent post, he shows that Sarah Palin and Barack Obama have much the same approach when it comes to economics. After illustrating how their equivalent policies are wrong headed, Reisman declares:

Obama and Palin are both obviously ignorant of economics. John McCain, who picked Palin to be his running mate, has admitted his own lack of knowledge of the subject. Knowing little or nothing of the subject himself, he could not be expected to realize that Palin knew nothing of the subject either. An examination of the record of Obama’s running mate, Senator Joseph Biden, would probably turn up a more extensive record of comparable ignorance of economics, given his greater number of years in public life as a leading spokesman for the Democratic Party.

But Reisman's long August 28 post is the more worthwhile one. In it Reisman defends the proposition "Why Everyone Should Be in Favor of Tax Cuts for the “Rich”" on detailed economic grounds, taking for granted that individuals are interested in greater prosperity and economic growth. In addition, it shows the counter productivity of tax cuts without corresponding reductions in government spending as well as the negative long term effects of the Federal Reserve's easy credit policy. Reisman's conclusion is as follows:

Of course, in a further display of their ignorance and blindness, members of the left will undoubtedly characterize the line of argument I’ve presented in this article as the “trickle‑down theory.” There is nothing trickle‑down about it. There is only the fact that capital accumulation and economic progress depend on saving and innovation and that these in turn depend on the freedom to make high profits and accumulate great wealth. The only alternative to improvement for all, through economic progress, achieved in this way, is the futile attempt of some men to gain at the expense of others by means of looting and plundering. This, the loot‑and‑plunder theory, is the alternative advocated by the redistributionist critics of the misnamed trickle‑down theory. The loot‑and‑plunder theory is the theory of Obama, of the Democratic Party, and of much of the Republican Party. It is time to supplant it with the sound economic theory developed by generations of intellectual giants ranging from Smith and Ricardo to Böhm-Bawerk and Mises.

Update on what I'm reading... (part 1)

I last wrote about what I was reading in March of this year. Here's an update of how my reading is going presently. First a review of the books I mentioned in my last post.

Capitalism: A Treatise on Economics by George Reisman. I'm now over 550 pages into it and still enjoying it although at moment it is not exactly my highest priority.

The History of the Middle Ages by Victor Duruy. I don't think I have read it since I mentioned it last. At this point it has effectively dropped from my list.

Essays on Ayn Rand's The Fountainhead by Robert Mayhew (Ed.). Finished all I will read in this volume. Very enjoyable in many respects. As I mentioned Dr. Ghate's essay was the stand-out for me.

Standrechtlich Gekreuzigt, by Weddig Fricke. I have recently finished this excellent book. Fricke covers what scholars have managed to establish as far as the truth about Jesus, his background and his time is concerned. His focus is on disproving the ancient accusation that the Jews killed Christ. After first showing that there really is very little that can be trusted in the Gospels, he succeeds admirably in showing that Jesus was executed by the Romans and any responsibility for his death lies with Pontius Pilate, not with the Jews.

Capitalism: The Unknown Ideal by Ayn Rand. Finished -- much more timely and relevant than one might imagine.

Objectivism: The Philosophy of Ayn Rand by Leonard Peikoff. Our study group is now completed chapter three which deals with concepts. It has been a pleasure to really "chew" the material thoroughly. I'm very much looking forward to covering the rest of the book.

Around the Web

• Scott Powell's posting on his blog today elaborates on what I discussed yesterday with respect to his view on Turkey, its history and its prospects
• George Reisman analyzes our current "financial house of cards" and suggests that the only long term solution is a return to the gold standard
• A new post on the We Stand FIRM blog by Lin Zinser demonstrates that it is the free market that lowers medical costs, not the government
• Check out the reorganized Ayn Rand Institute web site for the latest op-ed pieces and numerous videos, including several of Yaron Brook's appearances on Fox Business Network
  

What I'm reading these days

I am presently working my way through 6 books.

1. Capitalism: A Treatise on Economics by George Reisman. I have tried a couple of times in the past to get through this gigantic book. I'm now about a quarter in and am hopeful I will finish it this time. All the other books are second priority to this one.
   
2. The History of the Middle Ages by Victor Duruy. A nineteenth century history of the period. I started it last year but have gotten interested in other things. I will probably pick it up again when I finish one of the others.
   
3. Essays on Ayn Rand's The Fountainhead by Robert Mayhew (Ed.). Mostly done with it. Especially liked the essay by Onkar Ghate. I think I have only one or two more essays to read.
   
4. Standrechtlich Gekreuzigt, by Weddig Fricke. German book that tries to determine the truth about Jesus and his trial. Interesting read so far.
5. Capitalism: The Unknown Ideal by Ayn Rand. Rereading this and almost done. Amazing how relevant even the more political essays are, even though they were written mostly in the 1960s.
   
6. Objectivism: The Philosophy of Ayn Rand by Leonard Peikoff. I formed a local study group that meets weekly to work through the book, in conjunction with Gary Hull's excellent Study Guide. We're still on the first chapter.
   

Reisman on Abortion

Economist George Reisman has an excellent post on his blog on what would happen if the Republican candidates who hold that abortion is murder would consistently apply this idea to the woman having the abortion. He points out that:

Accordingly if abortion really is murder, then it is premeditated murder. And by the usual standards of justice, the guilt of the woman, as the instigator and planner of the murder, is greater, not less, than that of the physician or other party employed to carry it ou

Read the whole thing!