Originally published in 1979, and later incorporated into the author's magnum opus, Capitalism: A Treatise on Economics as Chapters 6-8, this is a powerful and convincing book which explains the essential principles of free-market price theory along with leading applications of those principles. Again and again, it illustrates the economic coordination of a free economy by contrasting it with the chaos produced by price controls and, as the ultimate culmination of price controls, socialism. Written for the intelligent layman who may have no previous knowledge of basic economic theory, this book not only shows where government policy went wrong in imposing price controls, it also shows how free-market prices are essential to the success of our economic system in producing for the benefit of everyone. Included are explanations of: how a free market would progressively reduce the cost of energy, along with that of all other goods; why the Arab oil embargo would not have been a threat to a free economy; how price controls actually raise prices; how partial price controls lead to universal price controls; how universal price controls represent de facto socialism; why Nazi Germany was a socialist country; and why socialism, rather than representing any kind of genuine economic planning, is in fact chaotic and necessarily tyrannical. For those who want to understand how a free-market economy really works and how price controls and socialism create chaos and poverty, this book is mandatory reading.

Government Against the Economy

Business & Money

Reisman, George

Economics

Green Hill Pub

The Government Against the Economy

Jameson Books

Aimed at both the intelligent layman and the professional economist, this book is the most comprehensive and intellectually powerful explanation of the nature and value of laissez-faire capitalism that has ever been written. It represents a twofold major integration of truths previously discovered by other writers, combined with numerous original contributions made by the author himself. Within economic theory, it integrates leading ideas of the Austrian school with needlessly abandoned doctrines of the British classical school. It further integrates such reconstituted economic theory with essential elements of Ayn Rand's philosophy of Objectivism. On the foundation of these integrations, Dr. Reisman is able to develop the numerous major original contributions that the book presents on the subjects of profits, wages, saving, capital accumulation, aggregate economic accounting, monopoly, and natural resources, among other vital subjects. Based on the same foundation, the book presents the most powerful critiques of Marx, Keynes, the pure-and-perfect competition doctrine, and environmentalism to be found anywhere. A leading part of its trenchant economic analysis is a consistent demonstration of the natural harmony of the rational self-interests of all men under capitalism--of businessmen and wage earners, of consumers and producers, of men of all races and nationalities, including immigrants and the native born, and of competitors of all levels of ability--consonances most will find astonishing, given the prevailing misunderstandings of capitalism. The book's importance and appeal to a general audience are evident in its description of prevailing attitudes toward capitalism and its challenge to learn why they are all completely wrong and the cause of self-destructive political behavior on a massive scale. For those with the intellectual courage to accept a challenge of having many of their firmest and most cherished beliefs reduced by unanswerable logic to the status of Dark-Age superstitions, here are some of the beliefs that Reisman's book demolishes: The profit motive is the cause of starvation wages, exhausting hours, sweatshops, and child labor; of monopolies, inflation, depressions, wars, imperialism, and racism. Saving is hoarding. Competition is the law of the jungle. Economic inequality is unjust and the legitimate basis for class warfare. Economic progress is a ravaging of the planet and, in the form of improvements in efficiency, a cause of unemployment and depressions. War and destruction or additional peacetime government spending are necessary to prevent unemployment under capitalism. Economic activity other than manual labor is parasitical. Businessmen and capitalists are recipients of "unearned income" and are "exploiters." The stock and commodity markets are "gambling casinos"; retailers and wholesalers are "middlemen," having no function but that of adding "markups" to the prices charged by farmers and manufacturers; advertisers are inherently guilty of fraud--the fraud of attempting to induce people to desire the goods that capitalism showers on them, but that they allegedly have no natural or legitimate basis for desiring. Reisman's book flies in the face of all such anticapitalistic ideas and demands. Its thesis is that never have so many people been so ignorant and confused about a subject so important, as most people now are about economics and capitalism. It argues that in its logically consistent form of laissez-faire capitalism--that is, with the powers of government limited to those of national defense and the administration of justice--capitalism is a system of economic progress and prosperity for all, and is a precondition of world peace. Following an exhaustive economic analysis of virtually every aspect of capitalism, the book's concluding chapter is devoted to the presentation of a long-range political-economic program for the achievement of a fully capitalist society.

Capitalism: A Treatise on Economics

TJS Books

Epistemological Problems of Economics

This is a new release of the original 1960 edition.

VON MISES, LUDWIG

Literary Licensing, LLC

Biographies & Memoirs

Professionals & Academics

For its size, this essay is the most powerful, comprehensive, and in-depth critique of Marxism/Socialism and defense of capitalism ever written.Socialism is government ownership of the means of production. My essay explains why its establishment requires armed robbery and murder on a massive scale, acts which communists are willing to commit, but not social democrats, who therefore should stop calling themselves socialists.My essay demolishes the attempt of Marxism/Socialism to portray the free workers of capitalism as only nominally free and in actuality slaves.It demolishes the belief, introduced by Adam Smith and then serving as the starting point for Marx, that profits are a deduction from wages. It shows instead that profits exist prior to wages, by virtue of workers producing and selling products in exchange not for wages but for sales revenues, which are initially all profit. My essay shows that when capitalists appear, and pay wages and buy capital goods for the purpose of earning sales revenues, their expenditures show up as costs of production to be deducted from sales revenues, thereby reducing the proportion of sales revenues that is profit. Thus capitalists, instead of stealing their profits from wage earners, create wages and reduce profit margins, as well as lay the foundation for continuing economic progress and rising real wages through their purchase and employment of capital goods.My essay also shows, among many other things, that when it comes to economic planning, capitalism is as rich compared to socialism as it is in the production of material goods. This is because, under capitalism, all participants in the economic system engage in economic planning, with their separate, individual plans being harmonized, coordinated, and integrated by means of the price system. In sharpest contrast, under socialism economic planning is the monopoly of no more than a relative handful of people, the members of the socialist “central planning board.” Thus, as I remarked in my essay, “The alleged economic planning of socialism is in fact not economic planning at all, but the forcible suppression of economic planning—the forcible suppression of the economic planning of everyone in the economic system outside the membership of the central planning board.” Absent the economic planning of capitalism, the result is economic chaos, declining production, and starvation. Just as my essay presents the truth about socialism, so too does it present the truth about capitalism. For example, it shows how, under capitalism, a willingness of workers to work for minimum subsistence, rather than die of starvation, is irrelevant to the wages they actually need to accept, which are set at a far higher level by the competition of employers for labor. It shows that the actual self-interest of employers is not to try to pay wages that are as low as they might like, but rather the lowest wages that are simultaneously too high for any other employers who would otherwise obtain the labor that these employers want to employ. The position of employers under capitalism is essentially the same as that of a successful bidder at an auction. His successful bid must be too high for his next nearest competitor.Capitalism not only continually raises real wages, it also operates to reduce the hours of work, abolish child labor, and improve working conditions. It does this by virtue of the fact that once real wages have increased sufficiently, workers can afford to accept the comparatively lower wages that accompany shorter hours, can afford to keep their children home longer, and can afford to accept the comparatively lower take-home wages that enable employers to provide them with improvements in working conditions that do not pay for themselves through increases in efficiency.All this, and much, much more, is contained just in the first part of my essay, which is titled “The Gist of Marxism/Socialism and Its Refutation.”

MARXISM/SOCIALISM, A SOCIOPATHIC PHILOSOPHY CONCEIVED IN GROSS ERROR AND IGNORANCE, CULMINATING IN ECONOMIC CHAOS, ENSLAVEMENT, TERROR, AND MASS MURDER: A CONTRIBUTION TO ITS DEATH

Independently published

The Benevolent Nature of Capitalism and Other Essays

HOW THE 1 PERCENT PROVIDES THE STANDARD OF LIVING OF THE 99 PERCENT

The Government Against the Economy: The story of the U. S. Government's on-going destruction of the American economic system through price controls.

Simon, William

Aimed at both the intelligent layman and the professional economist, the two volumes of this book are the most comprehensive and intellectually powerful explanation of the nature and value of laissez-faire capitalism that has ever been written. They represent a twofold major integration of truths previously discovered by other writers, combined with numerous original contributions made by the author himself. Within economic theory, they integrate leading ideas of the Austrian school with needlessly abandoned doctrines of the British classical school. They further integrate such reconstituted economic theory with essential elements of Ayn Rand's philosophy of Objectivism. On the foundation of these integrations, Dr. Reisman is able to develop the numerous major original contributions that his book presents on the subjects of profits, wages, saving, capital accumulation, aggregate economic accounting, monopoly, and natural resources, among other vital subjects. Based on the same foundation, his book presents the most powerful critiques of Marx, Keynes, the pure-and-perfect competition doctrine, and environmentalism to be found anywhere. A leading part of its trenchant analyses is a consistent demonstration of the natural harmony of the rational self-interests of all men under capitalism—of capitalists and wage earners, of consumers and producers, of men and women of all races and nationalities, including immigrants and the native born, and of competitors of all levels of ability—consonances most will find astonishing, given the prevailing misunderstandings of capitalism. The book's importance and appeal to a general audience are evident in its description of prevailing attitudes toward capitalism and its challenge to learn why they are all completely wrong and the cause of self-destructive political behavior on a massive scale. For those with the intellectual courage to accept a challenge of having many of their firmest and most cherished beliefs reduced by unanswerable logic to the status of Dark-Age superstitions, here are some of the beliefs that Reisman's book demolishes: The profit motive is the cause of starvation wages, exhausting hours, sweatshops, and child labor; of monopolies, inflation, depressions, wars, imperialism, and racism. Saving is hoarding. Competition is the law of the jungle. Economic inequality is unjust and the legitimate basis for class warfare. Economic progress is a ravaging of the planet and, in the form of improvements in efficiency, a cause of unemployment and depressions. War and destruction or additional peacetime government spending are necessary to prevent unemployment under capitalism. Economic activity other than manual labor is parasitical. Businessmen and capitalists are recipients of "unearned income" and are "exploiters." The stock and commodity markets are "gambling casinos"; retailers and wholesalers are "middlemen," having no function but that of adding "markups" to the prices charged by farmers and manufacturers; advertisers are inherently guilty of fraud—the fraud of attempting to induce people to desire the goods that capitalism showers on them, but that they allegedly have no natural or legitimate basis for desiring. Reisman's book flies in the face of all anticapitalistic ideas and demands. Its thesis is that never have so many people been so ignorant and confused about a subject so important, as most people now are about economics and capitalism. It argues that in its logically consistent form of laissez-faire capitalism—that is, with the powers of government limited to those of national defense and the administration of justice—capitalism is a system of economic progress and prosperity for all, and is a precondition of world peace. Following an exhaustive economic analysis of virtually every aspect of capitalism, the book's concluding chapter is devoted to the presentation of a long-range political-economic program for the achievement of a fully capitalist society.

Capitalism: A Treatise on Economics, Vol. 1

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