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Good questions. They show why it is important to understand the nuances. Using W.H. Hutt's definitions: Demands - Offers for inputs or outputs which induce their providers to sell, or invest in them as prospectively profitable assets. Essentially, he is using the word "demand" in the context of...

^ You would think it'd be considered a truism but apparently at least some schools of economics (particularly the socialist ones) find the concept difficult to grasp.

For those interested in this topic (which is quite heavy reading), Steve Kates provides better discussions about what Say's Law is and isn't (better than W.H. Hutt's very turgid text book). Steve summarises the inter-related propositions to: 1. Demand is created by supply and nothing else. 2...

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WARNING - This is an extremely dry topic and definitely won't be for most people's tastes 250 years ago (5 Jan 1767) the famous J.B. Say was born, so in tribute I thought should start a thread. He is most famous for popularisation of the economic principles that underpin what eventually became...

As a purported teacher of economics, you should know that even if the productivity savings went purely to corporate profits the rest of the economy still benefits from the freeing up of the real resources. Every tonne of steel, bushel of wheat or hour of labour that is saved from the...

I read the article that you linked to. In it was this graph: It makes no specific mention of "goods-producing wages". The text just above the graph says: "Though productivity (defined as the output of goods and services per hours worked*) grew by about 74 percent between 1973 and 2013...

Of course, the average wages in some industries have grown faster than the average (notably Mining, Electricity, gas and water, IT and telecommunications, Finance, Insurance and Professional, scientific and technical services) while others grew slower (notably, Accommodation and food services...

I can't talk about the situation in America (which is what fiatphoney posted even though this is apparently a thread about Australian politics), but in Australia the gap between the growth in average real wages growth and worker productivity has been minimal. The ABS has electronic data on...

1980's prices :)

Bring back auspm and Yippe-Ki-Ya!

Such a thing was undreamt of in the past. ;)

Based on Florida data: - People with tattoos are more likely to commit crimes than people without; particularly theft, robbery and drug-related crimes. - People with tattoos are less like to commit murder except if they have white supremacist, tear drop, three dots (between thumb and...

Further, his "people are so dumb that they will fall for advertising" argument is laughable. If people are so easily swayed by such things then what prevents the public officials from being manipulated as well? Either these bureaucrats are super-humans who know what is best for everyone else and...

This is probably one of the places that NTS likes to copy and paste from :P 1. First and foremost it's a political philosophy that also happens to be consistent with universal morality. 2. Many Libertarians are/were primarily Libertarians because of the ends. L.V. Mises and Hayek were two very...

And let's not forget one of Old Soul's favourites: J.S. Mill.

The necessity for some point of commonality to exist in the minds of the participants in some social situation has long be thought a key ingredient for the creation of a stable society. (This is also called a Schelling point.) There are many ways of describing it but I believe the non-aggression...

Now I'm confused. You yourself said (in various ways) that you were in favour of sound money. Are you saying that you aren't in favour of it or just that "there are implementation challenges"? If the latter then there was a thread on here a few years ago that showed a relatively simple path...

They're his first ones in his opening post. Note that his govt subsidies to private companies is a bit more nuanced as it also replaces all welfare. The exact policy proposal is a bit hard to understand though as he chucks in something about stay-at-home parents having to work 38hrs (which...