Category: Terms and Concepts

Autarky

Autarky

The world says: “You have needs — satisfy them. You have as much right as the rich and the mighty. Don’t hesitate to satisfy your needs; indeed, expand your needs and demand more.” This is the worldly doctrine of today. And they believe that this is freedom. The result for...

Normal good, inferior good, Giffen good

“For example, the supporters of tariffs treat it as self-evident that the creation of jobs is a desirable end, in and of itself, regardless of what the persons employed do. That is clearly wrong. If all we want are jobs, we can create any number–for example, have people dig holes...

Measuring inequality: The 20:20 ratio

“The first man who, having fenced in a piece of land, said “This is mine,” and found people naïve enough to believe him, that man was the true founder of civil society. From how many crimes, wars, and murders, from how many horrors and misfortunes might not any one have...

Inequality

“At first countries’ incomes were all bunched together, but with the Industrial Revolution the differences exploded, and the countries have “flown” further apart from each other. . . . [it] pushed some countries forward onto the path to higher incomes while others stayed at the point where they had been for millennia. ....