Category: free-market ideology

A Note on Jobs & Unemployment – revised

US manufacturing out vs employment 1947 - 2011

A Note on Jobs & Unemployment Original publication date – 12/27/2016; Revised – 12/31/2017 As the presidential campaign of 2016 fades away and the Trump Era begins, we find a national scene without any real discussion of the facts of jobs and unemployment and what the future might bring. Trump and others talk about bringing…

Cotton and the Miracle of the Self-Regulating Market

Deere cotton picker

The miracle of the automatic self-regulating market in action. During the 1930s over-production of cotton chronically ran over by 50% and more. Since cotton is a durable product all of these years of over production just swelled the mountains of cotton sitting in warehouse waiting for demand. In 1933 the cotton stored in warehouses equaled the entire world demand.

Capitalism and Innovation

For all of the chest beating about the bold risks taken by capitalists, the capitalist time horizon is very short when compared to the many years of work that have gone into almost every significant scientific and technological advance. Without extensive government investment in activities that deliver longer term success, the capitalist system will simply eat its seed corn until it is gone.