by Sheldon Richman. In Cleveland and other American cities homes are being demolished because five years after the housing bust there is nothing better to do with them. Therein lies a lesson in Austrian business cycle theory. In a world of uncertainty, waste — the destruction of value — is inevitable. Human action, which aims to replace inferior ... MORE
Showing posts with label resources. Show all posts
Showing posts with label resources. Show all posts
Destroying Value Is What Government Does Best
by Sheldon Richman. In Cleveland and other American cities homes are being demolished because five years after the housing bust there is nothing better to do with them. Therein lies a lesson in Austrian business cycle theory. In a world of uncertainty, waste — the destruction of value — is inevitable. Human action, which aims to replace inferior ... MOREWhere Have All The Millionaires Gone?
by Barbara Hollingsworth. Newsalert has posted a chart from a Wall Street Journal blog titled “Recession and the Rich.” The chart, based on 2009 IRS figures, shows that the number of taxpayers reporting annual income over $1 million fell 39 percent between 2007 and 2009; the number of super-wealthy individuals making over $10 million annually plunged 55 percent. ... MORE
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