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Against the Tide

Economic Thoughts


Social Darwinism
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David Boaz has a thoughtful critical essay on Socialism and Social Darwinism at Cato at Liberty.  He references critics of those who, like Richard Hofstadter, use this term in error when they do not have better arguments.

The Encyclopedia Britannica says that social Darwinism is

the theory that persons, groups, and races are subject to the same laws of natural selection as Charles Darwin had perceived in plants and animals in nature. According to the theory, which was popular in the late 19th and early 20th centuries, the weak were diminished and their cultures delimited, while the strong grew in power and in cultural influence over the weak….The poor were the “unfit” and should not be aided; in the struggle for existence, wealth was a sign of success. At the societal level, social Darwinism was used as a philosophical rationalization for imperialist, colonialist, and racist policies, sustaining belief in Anglo-Saxon or Aryan cultural and biological superiority


Boaz writes that "As Dan Mitchell pointed out, Paul Ryan’s budget proposes to make the federal government substantially larger than it was under Bill Clinton. Does that make Clinton a social Darwinist?"  There are many of us who, at the risk of being mischaracterized like this would argue that Paul Ryan does not go nearly far enough.

Quote for Today
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Quotation of the Day (from Cafe Hayek)

 In commemoration of the 20th anniversary, which is today, of Hayek’s death.  The quotation is from page 133 of Hayek’s last book, his 1988 The Fatal Conceit (original emphasis):

Life exists only so long as it provides for its own continuance.  Whatever men live for, today most live only because of the market order.  We have become civilized by the increase of our numbers just as civilization made that increase possible: we can be few and savage, or many and civilized.  If reduced to its population of ten thousand years ago, mankind could not preserve civilization.  Indeed, even if knowledge already gained were preserved in libraries, men could make little use of it without numbers sufficient to fill the jobs demanded for extensive specialisation and division of labour.


Quote for Today
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The Utilitarian and Philosophic Radical James Mill (1773-1836) wrote a series of articles for the Supplement to the 1825 edition of the Encyclopedia Britannica. In the article on “Government” he warns of the dangers of the selfish and “sinister interests” all those who wield power, unless checked by an informed people:
"We have seen already, that if one man has power over others placed in his hands, he will make use of it for an evil purpose; for the purpose of rendering those other men the abject instruments of his will. If we, then, suppose, that one man has the power of choosing the Representatives of the people, it follows, that he will choose men, who will use their power as Representatives for the promotion of this his sinister interest.
We have likewise seen, that when a few men have power given them over others, they will make use of it exactly for the same ends, and to the same extent, as the one man. It equally follows, that, if a small number of men have the choice of the Representatives, such Representatives will be chosen as will promote the interests of that small number, by reducing, if possible, the rest of the community to be the abject and helpless slaves of their will."

Source:  The Online Library of Liberty

Quotation for Today
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Quotation of the Day…

… is from page 37 of W.H. Hutt‘s wonderful, if idiosyncratically written, 1979 book The Keynesian Episode: A Reassessment (original emphasis):

There is no doubt at all that Keynes’ contribution has served governments well.  But for the governed the consequences would have been disastrous, had it not been for continued economization as a result of technological progress and the persistent search for and discovery of new riches in the earth and under the sea.  And Keynesian stereotypes remain the great obstacle to more effective coordination everywhere.



The New Authoritarianism by Fred Siegel and Joel Kotkin - City Journal
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The authors decry the unilateral actions by the President in his attempt to thwart the will of the majority.

The New Authoritarianism by Fred Siegel and Joel Kotkin - City Journal
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Wilkinson, Rogoff, and the Presumption in Favor of Economic Growth, Bryan Caplan | EconLog | Library
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Here is a brilliant piece on the folly of nay-sayers re: Economic Growth, from Bryan Caplan at EconLog:

Wilkinson, Rogoff, and the Presumption in Favor of Economic Growth, Bryan Caplan | EconLog | Library of Economics and Liberty
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Quote for Today
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… is from page 209 of David Friedman’s excellent 1996 book Hidden Order; here, Friedman uses the term “economic imperialism” in its older form, namely, as a term to condemn private investment in ‘developing’ countries by firms and investors from ‘developed’ countries:

People who attack economic imperialism regard themselves as champions of the poor and oppressed.  To the extent that they succeed in preventing foreign investment in poor countries, they are benefitting the capitalists of those countries by holding up their profits and injuring the workers by holding down their wages.


Quote for Today
[info]jwhend49
"Better to dwell in freedom's hall, With a cold damp floor and mouldering wall, Than bow the head and bend the knee, In the proudest palace of slaverie" 
--Thomas Moore, Irish poet and song writer.


Quote for Today
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 "It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong" -- economist Thomas Sowell.

Class Warfare - Yuck! « Teds Take
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Class Warfare - Yuck! « Teds Take

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