Man, Economy, and Financial Markets
2024-05-08
As Murray N. Rothbard explained in his masterful economic treatiseMan, Economy, and State with Power and Market,The distinctive and crucial feature in the study of man is the concept of action. Human action is defined simply as purposeful behavior. . . . The entire realm of praxeology and its best developed subdivision, economics, is based on an analysis of the necessary logical implications of this concept.All the laws of economics are derived from the fundamental facts of human action. For example, one of the most important laws of economics is the law of supply and demand. This law states that as prices of a good or service rise, demand falls and supply rises. Conversely, as prices of a good or service fall, demand rises and supply falls. The equilibrium price of a good or service is
Killing the Golden Goose: Millennials Earn Less Than Their Parents Did
2024-05-06
For the first time in our nation’s history, 30 year olds are doing worse than their parents.In other words, we killed the golden goose.Last week, Professor Scott Galloway went on an epic rant on MSNBC laying out for his well-heeled hosts exactly what young people are going through right now.Rattling off the numbers, for Americans born in 1951 — that’s baby boomers — fully 80% were earning more than their parents. By Gen X that was down to 60%. For Millennials it’s barely 50%. We can only imagine what’s coming for the Zoomers.I’ve talked a lot in videos about what’s happening to the young, from being shut out of housing to being stuck cobbling together shifts to make ends meet instead of building a proper career.In short, they’re spending their evenings eating ramen with the roommates