George Reisman Profile picture
Pepperdine University Professor Emeritus of Economics; Author, Capitalism: A Treatise on Economics https://t.co/y4WuHHTTcp
🇺🇸Elliot Temple🤔 Profile picture mike starkey Profile picture AmericanEgoist Profile picture 4 added to My Authors
22 Sep
Re: The 1619 Project
Ancient Rome, Greece, Babylon, Egypt, India, China, and Africa too, all had slavery. None of them created the Industrial Revolution. Great Britain and the United States did create the Industrial Revolution, on a foundation of economic freedom and respect for individual rights.
The great blemish of slavery played no greater positive role in the history of the US than it had played previously in the world, which is to say, virtually none.
Read 18 tweets
21 Sep
Why Trump’s Nominee to Scotus Must be Confirmed ASAP
Senators Susan Collins and Lisa Murkowski seem to think that respecting alleged canons of electoral etiquette is more important than strengthening America’s prospects for survival as a free country.
This is the meaning of their declarations that they will not vote to confirm Pres. Trump’s nominee to the Supreme Court before election day. These ladies do not realize that election day and the weeks following, will be when our country most needs that Justice.
Read 8 tweets
19 Sep
Sound economics always considers the actions of the individual in relation to the rest of the economic system and the economic system as a whole in relation to the actions of individuals.
In contrast, so-called "micro-economics considers the actions of individuals as though divorced from the rest of the economic system, while so-called "macro-economics" considers the economic system as though divorced from the actions of individuals. It's a double error.
But it is so pervasive that it is sometimes necessary to use its terminology so that those who know little or nothing about sound economics will be able to feel a measure of the familiar.
Read 4 tweets
19 Sep
The United States is teetering on the brink of a revolution or civil war. To move our country back toward peace and stability, Pres. Trump must immediately appoint a strong Constitutionalist to fill the vacancy on the Supreme Court opened by the death of Justice Ginsburg.
He should give absolutely no consideration to fear of provoking more rioting by the Left. The Left will riot in any case. Better that they do it when there is an additional Constitutionalist on the Court than when there isn’t, or worse, another Leftist.
You do not gain anything from your enemy by making yourself weaker. That serves only to further embolden him. You must be stronger, not weaker, if you are going to stop him.
Read 4 tweets
16 Sep
Knowing how the Democrats are inventing one attack after another on Trump, I thought I might invent one for them, to show the absurdity of what they’re doing. I was going to ask, “Has anyone accused Trump of being responsible for the fires in the West?”
It turns out that my absurdity is the Democrats’ reality. For just a day later, Biden actually accused Trump of being a “climate arsonist.”
No, Joe. Trump is not a “climate arsonist.” By your logic, that’s the name you should give to all the people around the world who drive cars, use A/C and refrigerators, watch TV, and use all kinds of machines to raise the productivity of their labor and improve their lives.
Read 6 tweets
9 Sep
Attention: all economics students. Perhaps the most prominent equation in macroeconomics is that national income (essentially the sum of profits and wages) equals net national product, which is the sum of consumption plus net investment.
Because consumption is much larger that net investment, it is almost universally assumed that it pays the bulk of national income. However, most spending in the economic system is actually not consumption. RATHER, IT IS CONCEALED UNDER NET INVESTMENT.
Net investment is the difference between two enormous sums: a minuend consisting of the total of business spending for capital goods and labor, and a subtrahend consisting of the costs that are deducted from sales revenues in calculating profits.
Read 10 tweets
29 Aug
Freedom is the absence of the initiation of physical force. It is established and maintained by the use of force in defense and retaliation, i.e., by means of the existence of police and military forces.
The enemies of the police are supporters of a police state. Take away the police, and Marxist/Socialist mobs will seize the government and establish a police state. It’s that simple.
The anti-police politicians who enable mobs to thrive are virtual terrorists: they deprive their citizens of protection against robbery and murder, arson and rape, et al., thereby subjecting them to a reign of terror. They should be removed from office and criminally charged.
Read 5 tweets
28 Aug
Marxists Topple Statues as a Step Toward Killing People
Marxists and the other mindless morons they influence have been running around picking fights with statues of long dead slave owners that they gleefully topple and destroy.
What’s the matter, Marxists? Why do you need to pick fights with statues? In your dreck-bedecked worldview, there are plenty of present-day, living, breathing slave owners. You call them capitalists or “capitalist exploiters.”
Read 11 tweets
24 Aug
Reisman’s Final Year’s University Lectures Available for Download Without Charge
Recently, a reader of my book Capitalism: A Treatise on Economics, told me that he believed that he had been able to get more out of my book and do it more easily because he had listened to a series of lectures I had delivered over the years 1967-2007
On the basis of my discussions with him, I’ve decided to release recordings of the lectures I delivered in my courses in my final year at Pepperdine University, 2004-05. These lectures are very closely related to my book, which was the main text for the courses.
Read 11 tweets
17 Aug
Excellent Interview with Bob Murphy
Back on July 28, I had a really excellent interview with Bob Murphy. Here’s the link to the audio: bobmurphyshow.com/episodes/ep-13…
And here’s the link to the YouTube version of my interview with Bob Murphy:
Read 4 tweets
15 Aug
Slavery as the Cause of General Loss
While slavery enriched slave owners, it impoverished not only the slaves but also the United States as a whole. Its impoverishment of the US can be measured by the difference between what the slaves produced as slaves and the far greater amount they would have produced if free.
Slavery was particularly damaging to the South, because it created in the market value of slaves a fictional capital that made the accumulation of real capital in such forms as factory buildings and machinery seem unnecessary. The South’s economic backwardness was a result.
Read 9 tweets
15 Aug
The Meaning of Being “Green”
Two differences between “Lockdowns” and “The Green New Deal” are that under “The Green New Deal” you won’t have gas for your car if you want to drive somewhere. And you won’t have electricity for your TV.
But that’s alright. The purpose of your life is not your personal enjoyment, but higher, collective goods, such as “flattening the curve” and holding down the CO2 content of the atmosphere, say collectivists.
Read 7 tweets
8 Aug
Why isn’t Seattle mayor Jenny Durkan under indictment for manslaughter and being sued for wrongful death? She withdrew any police presence from the Capitol Hill neighborhood in Seattle. Result: businesses were looted, citizens were terrorized, four were shot, and two were killed.
Her action constituted reckless endangerment, since the results that occurred were precisely the kind that any reasonable person would expect.
Read 6 tweets
6 Aug
Hate Speech: When It Is Deserved and Morally Necessary
I hate Hitler, Stalin, and Mao for their scores of millions of murders. I’m glad they’re dead and I hope they suffered as greatly as possible both in dying and throughout their lives. My words are speech and they are as full of hate as it is possible for speech to be.
Whoever objects to this hate speech signifies that he believes that monsters should not be hated, that they should be able to go through life free of this consequence of their evil. He thereby gives aid and comfort to the monsters and thus deserves himself to be hated.
Read 12 tweets
4 Aug
Yesterday, I watched a video of AG Barr being questioned by the Democrats on the House Judiciary Committee. I still can’t believe what I saw and so would like confirmation of it.
The Dems seemed to believe that Barr had no right to the use of the time he needed to answer their questions. The Dems held that the time he used belonged to them and again and again demanded their time back, an arrangement whereby they can ask questions, but he can’t answer.
To top it all off, the Chairman of the committee, Gerold Nadler, actually denied Barr’s request for a 5-minute break (presumably to use the bathroom).
Read 6 tweets
15 Jul
Mass Death But Never Trump
Today’s Democratic Party is the party of Marxism, Socialism, and Environmentalism. Yet “Never Trumpers” seem to prefer the possibility of our country being run by that party rather than by Trump.
Don’t they know that what stands behind these philosophies and the “Green New Deal” that reflects them is the goal of mass murder and death?
Read 7 tweets
11 Jul
Listen to Socialists’ Public Confessions
Never trust a socialist businessman. As a socialist, he tells you he thinks profits are stolen from the wage earners. But as a businessman he tries to make profits anyway. With every sale, he confesses to being immoral by his own standards. Stay away from him.
Such hypocrisy characterized Friedrich Engels, the wealthy communist cotton mill owner who subsidized Karl Marx, who, for his part, was happy to be kept in this way, despite his belief that his subsistence came from the exploitation of labor.
Read 6 tweets
9 Jul
Accountability
There’s been a lot of talk recently about making the police more accountable. There’s some legitimacy to that. But what about making mayors, city councils, governors and state legislatures, Congress, and the whole government more accountable?
Shouldn’t the mayors of Seattle, New York, Chicago, Atlanta, and elsewhere be held accountable for the additional murders in their cities that they had to know would occur as a result of the inadequate police presence that they caused?
Read 7 tweets
7 Jul
Washington and Jefferson, Slavery and Marxism
Do not believe the claim made by the media morons that statues of Washington and Jefferson have been toppled because these Presidents owned slaves. Their statues have been toppled because they advocated freedom and created a country based on freedom.
In contrast, the Marxists/Socialists engaged in this desecration are advocates of slavery, out to create a totalitarian dictatorship. At the same time, as part of the same phenomenon, they claim that slavery exists all around us, in the very nature of capitalism.
Read 10 tweets
4 Jul
Who Are the Supporters of Slavery?
Ever since the defeat of the Nazis in WWII, Marxists/Socialists have clearly been the world’s leading advocates of slavery. For elaboration, see Chapter 8 “The Chaos and Tyranny of Socialism” in my Capitalism: A Treatise on Economics. (Available at
amzn.to/2PM19ut.)
See also my June 28, 2020 blogpost “Socialism is Slavery and Worse” at georgereismansblog.blogspot.com/2020/06/social….
Read 16 tweets
3 Jul
Freedom of Economic Inequality Is Not Only Not a Problem But the Solution to Economic Problems
On July 1, the NY Times ran an article titled “Is Economic Inequality Really a Problem?” (nytimes.com/2020/07/01/opi…)
The author was unable to provide an intelligent answer to his question because, like virtually all “liberals,” he doesn’t realize that under capitalism and its saving and investment, one man’s wealth is the source of other men’s wealth.
Read 7 tweets