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"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
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About Me
- Randall Parker
- I am a Professor of Economics at East Carolina University in Greenville, NC. My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History. I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience. Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.
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1 comment:
In other words, the Federal Reserve is in the business of socializing the risk of big banks - with all good intentions of course. Its BS. Nothing about a weak dollar can be good for our economy. If we are going to keep pretending that things like consumption and war drive an economy then why don't we build ships and bombs and then sink our ships with our bombs forever into the future and celebrate our new found wealth?
What IS responsible for the wealth of a society? Productivity and Efficiency. Or the average ability for people of a nation to solve their problems. For example, things like the iPad make our country wealthier because people get pleasure out of it, communication and information sharing gets easier, and companies save hundreds of thousands of dollars going paperless and as a result are able to produce more with less input. Sales of the iPad translate into a good ROI for Apple which means they are better able to create new products that help us become even more efficient and productive. No one gets richer if the government taxes everyone or prints new money to give to Apple so they can produce a new product - this sort of thing generally results in a net loss. The government cannot "help" any institution "help" us better.
All government actions are a zero sum game - nothing is free, so any value they add in one place had to be taken from another. What is worse is that in the process of creating and implementing their schemes and plans they are also consuming. They are a parasite and we are the host.
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