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America's Counter-Revolution
The Constitution Revisited

From the back cover:

This book challenges the assumption that the Constitution was a landmark in the struggle for liberty. Instead, Sheldon Richman argues, it was the product of a counter-revolution, a setback for the radicalism represented by America’s break with the British empire. Drawing on careful, credible historical scholarship and contemporary political analysis, Richman suggests that this counter-revolution was the work of conservatives who sought a nation of “power, consequence, and grandeur.” America’s Counter-Revolution makes a persuasive case that the Constitution was a victory not for liberty but for the agendas and interests of a militaristic, aristocratic, privilege-seeking ruling class.

Sunday, June 19, 2011

TGIF: Obama's Economics Lesson

President Obama apparently thinks that until the latest recession, no business realized it might reduce its workforce by substituting machines and other high-tech devices. When asked by NBC’s Ann Curry why he hasn’t been able to convince business owners to hire more people (as if the question makes any sense), Obama explained:

There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate.

It is astounding to hear Obama invoke the old argument that technological advances create permanent idleness among workers. I haven’t heard that one in years.

Read the full TGIF here.

1 comment:

MarkZ said...

Sheldon, I've been following your work for years, and I feel this is one of your best. Two quotes in particular are ideas that are underrepresented among the general public, and would like to see them presented to more of a mass audience:

"Our desire for goods and services (including leisure services) is essentially limitless."

"...the point of an economic system is consumption not employment."

The implications from these two simple statements alone slays most of the common objections to the notion of a free market. I think if people understood those two concepts we would all be much better off.