By Randall G. Holcombe |
One of the most enduring questions in economics is what causes economies to grow. The full title of Adam Smith’s well-known treatise, An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776, clearly shows that the causes of prosperity were Smith’s primary concern. He concluded that free markets, the protection of private…Read More →
By Steven Horwitz |
Over Labour Day weekend, I saw many friends arguing that labour unions and government intervention “humanised capitalism” by giving us the 8-hour workday, the 40-hour workweek, ending child labour, and so forth. Unfortunately, these folks have their history backward. We didn’t humanise capitalism, it humanised us. The wealth produced by capitalism allowed us to indulge…Read More →
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