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Economics for everyone: a short guide to the economics of capitalism

This book provides a clear and accessible introduction to the fundamental aspects of capitalism, covering topics such as market dynamics, supply and demand, and the role of government in economic policy. more

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Jim Stanford
Jim Stanford

Jim Stanford is an economist born on March 3, 1961. He has made significant contributions to the field of economics, particularly in labor economics and macroeconomic policy. more

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“There are no checks and balances if the gov is wrong. If a private entrepreneur makes a mistake, he goes bankrupt, the losses are cut; if he bets wrong, he loses; if the gov bets wrong, they just get bigger, they just appropriate more money. It's a bottomless pit, because they either get it from the tax payers or run it off a printing press.”

IfsRunningLosesLossMistakeCuttingBalanceTaxesBiggerPressesEntrepreneurChecksAppropriateMore MoneyPitsPrintingPrinting Press
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“When private industry makes a mistake, it gets corrected and goes away. As governments make mistakes, it gets bigger, bigger and bigger and they make more, more and more because as they run out of money, they just ask for more and so they get rewarded for making mistakes. In the meantime that is exactly what we are doing by subsidizing companies which are failing, we have a reverse Darwinism, we've got survival of the unfittest, the companies and people that have made terrible mistakes are being rewarded and other people are being punished and being taxed.”

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