Economics

Center on Wealth & Poverty

Real Do-gooders

If you wanted to become really rich, yet at the same time help your fellow man, what would you do? There is no contradiction. The answer is — start a business — where you provide employment to others and also provide a new or improved good or service, or an existing good or service at a lower price. Thomas Edison Read More ›

European Job-Killing Machine

Assume you were a graduate student trying to make as much money as possible during the summer. You obtain a job at a resort, and you ask the manager the maximum number of hours he will allow you to work. He says you can work seven hour shifts without a break other than for necessities, with 10 hours between shifts, Read More ›

Who Is the Freest of All?

ALPBACH, Austria. — They claim here that great mountains lead to great thoughts, and they even have a path named “The Thinkers Walk.” And indeed some of the greatest economic thinkers of all time did walk and enjoy the Austrian Alps. The Austrian School of thought produced two of the most influential economists of the 20th century, Ludwig von Mises Read More ›

How Would You Spend $3 Trillion?

The world’s bureaucratic elites, including the United Nations, are demanding that the rich nations spend 0.7 percent of their gross domestic product on development aid. This is more than $300 billion a year, or well over $3 trillion over the next decade. The demand for such huge funds is given as the main rationale for global taxes to be levied Read More ›

Tax Cut Revenue Rewards

Many in the Washington establishment were shocked Aug. 17, when the Congressional Budget Office reported a surge of “unanticipated tax receipts” that will sharply push down this year’s deficit. Those who had been proclaiming the Bush tax rate cuts would result in a big reduction in tax revenues tried to hide their disappointment. It was tough being proved wrong again Read More ›

Fed Follies Fallout

MIAMI, Fla. — The skyline appears to have more cranes than buildings, as if the city were just one vast construction site, and that has been the good news. The bad news here in Miami, as well as most major U.S. cities, is that the real estate boom of the last few years is coming to an end. The villain Read More ›

In Case of Bankruptcy…

If you knew the U.S. government was going bankrupt primarily because of spending on Social Security and Medicare, and the only solutions were the following, which one would you pick? Doubling individual and corporate income tax rates. Immediately cutting Social Security and Medicare benefits by two-thirds. Immediately cutting all federal discretionary spending (including defense) by 143 percent. Reforming Social Security Read More ›

Halting Global Tax Tyranny

Should the U.N. be able to tax you? Over the last several years, officials at the U.N. and other international organizations have been hatching schemes to directly tax the world’s people. Traditionally, only sovereign governments have the right to tax. The U.N. and other international organizations have largely depended on their ability to extract dues or other payments from their Read More ›

European Death Wish

VIENNA, Austria. — Human lifespans in developed countries have been increasing 15 seconds every minute for the past 125 years, and they are increasing even faster in the developing countries — on average about 20 seconds every minute. This means that in Europe and America lifespans increase about one year over every four-year period. Why has this happened? In one Read More ›

Language and Wealth

Does the language you speak or use help influence how wealthy you are? When trying to determine why some countries are wealthier than others, economists rarely, if at all, consider language. However, if you look at the list of wealthiest countries on a per capita income basis, you will notice almost all the top 20 are English-speaking, or use some Read More ›