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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.

Friday, April 27, 2012

TGIF: Can Mutually Beneficial Exchanges Be Exploitative?

The great thing about competitive markets is not that marginal utility sets prices, but that rivalry among sellers drives prices below the level that approximates many people’s marginal utility. This produces a consumer surplus. (How far below is governed by producers’ subjective opportunity costs, including workers’ preference for leisure.) We all have bought things at a price below that which we were prepared to pay. . . . In a manner of speaking, competition socializes consumer surplus.
 On the other hand, in the absence of competition a coercive monopolist is able to charge more than in a freed market, capturing some of the surplus that would have gone to consumers. That’s a form of exploitation via government privilege.
Read the rest of TGIF here.

1 comment:

Anonymous said...

Correct but only when talking about irrelevancies-rubbish stuff. When necessities are involved then it's a different matter,