socialism

The adjective that economist Friedrich Hayek famously called a “weasel word” is alive and well in the feel-good phrases social business, social justice and the social gospel. In all three of these phrases, the common weasel word sucks some of the essential meaning out of what it modifies by implying that business, justice, and the Christian Gospel are a-social, or even anti-social, until conjoined Read More ›

Assume the villain in a new James Bond movie has the goal of the economic destruction of Europe. How would he do it? First some background. In the 1960s and 1970s, Europe boasted brisk economic growth. From 1965 to 1974, government spending in Western Europe averaged 37 percent of the gross domestic product (GDP), and economic growth averaged 4.3 percent Read More ›