Hazlitt on Profits

Henry Hazlitt:

The indignation shown by many people today at the mention of the very word profits indicates how little understanding there is of the vital function that profits play in our economy. ...

The function of profits ... is to put constant and unremitting pressure on the head of every competitive business to introduce further economies and efficiencies, no matter to what stage these may already have been brought. In good times he does this to increase his profits further, in normal times he does it to keep ahead of his competitors, in bad times he may have to do it to survive at all. For profits may not only go to zero, they may quickly turn into losses; and a man will put forth greater efforts to save himself from ruin than he will merely to improve his position.

Contrary to a popular impression, profits are achieved not by raising prices, but by introducing economies and efficiencies that cut costs of production.

Ghate on political philosophy

On Constitution Day 2009, Dr. Ghate of ARI/ARC clarifies the meaning of checks and balances in the Constitution, the Founding Fathers, Locke, Rousseau, Hobbes, their notions of man in a "state of nature", Adam Smith, Ayn Rand, and the morality of selfishness as supporting the objectivity of liberty ... in 8 minutes.

Just saying "no"

I have withdrawn Elias from Portland Public Schools. He attended one day of kindergarten.

The political philosophy question

Commerce or coercion, price tags or guns -- which are compatible with morality, i.e., every individual's rational pursuit of his or her own happiness?