We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows...

Albert Rees criticizes neo classical labor economics for paying too little attention to fairness and utility function interdependence. As a result, he claims, this theory cannot fully come to grips with wage determination as it actually exists in the real world. The present author takes issue...

As I see it, the vision animating the new L.P. leadership is a noble and exciting one: the expansion of the L.P. into a major force and influence on American life and on the American political scene. The point is that the L.P. motto, "The Party of Principle", involves two vital and interrelated...

Work Sharing seems to be the “in” thing. According to its advocates, unemployment is caused by people working too many hours; if they would just reduce their workweek to, say 32 hours, there would be plenty of jobs to go around for everyone. The latest politician to make this proposal is Bob...

Universality and selectivity are amenable to a rather straightforward and non-value-laden definition. For our purposes, universality may be described as pertaining to aid programs where the benefits go to all persons, regardless of income. The amount of the benefits, moreover, is invariant with...

I have been asked to address the question of the welfare state. In my view, the ideal situation would be one where we had no welfare state at all. Welfare is demeaning to recipients, it creates dependency, and it reduces self-reliance. Further, it is morally suspect because the money used is...

Public finance is the sub-discipline of economics that deals with taxes, fiscal policy and government enterprise in general. In order to assess the case in behalf of taxation commonly made in this field, I shall analyze the public finance textbooks of ATKINSON and STIGLITZ (1980), DUE [1963],...

In virtually all economic sub-disciplines, practitioners of the dismal science are exceedingly desirous of avoiding normative concerns, at least in principle. These are seen, and rightly so, as extremely treacherous. Being only human, they do sometimes stray off the path of positive analysis;...

This paper posits that the government is indistinguishable from a robber gang except for the fact that it enjoys exceedingly good public relations (supplied to it, symbiotically, by the intellectual classes) and thus legitimacy. The paper attempts to see beyond this superficiality. and thus to...