Marxism—the economic scheme that promises the very most—produced during the 20th Century poverty, starvation, and deaths in the tens of millions. Other milder attempts at central planning have led to shortages, “bubbles,” and unemployment. Government overregulation of the American economy causes tremendous drag on our ability to create jobs and wealth. Yet so many of the fallacies are known and can be avoided as more Americans understand basic economics.

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Additional Resources

Economic vs. Civil Liberties

Which are more important, economic liberties or civil liberties? The conventional view portrays conservatives as caring more about economic liberties than civil liberties. Liberals, on the other hand, are conventionally viewed as caring about civil liberties more than economic liberties. To Prof. Aeon Skoble, this distinction between economic and civil liberties is fictitious. The influence of market exchanges and civil liberties on one another is inseparable.

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Economic Freedom and Quality of Life

Across the globe, the societies that have the best quality of life are those with the highest levels of economic freedom. From lower unemployment to better-protected civil rights and cleaner environments, economic freedom is vital to improving the well-being of society, especially for the most vulnerable.

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Property Rights and Prosperity

Prof. Tom W. Bell explains why are property rights important, even for those who own the least. Property rights prevent conflicts over scarce resources, encourage productive labor, and discourage waste, allowing people to live together in peace, prosperity, and freedom. Bell bolsters his argument by drawing on classical liberal scholars such as Friedrich Hayek, Randy Barnett, Robert Nozick, and Ludwig von Mises.

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Are the Poor Getting Poorer?

People often say that “the rich are getting richer while the poor are getting poorer.” Economics professor Steve Horwitz explains why in the United States, this characterization is largely a myth.

Real income levels of the poorest 20 percent of Americans have actually risen over time. Further, the individual households that comprise the bottom income bracket do not stay the same. The majority of Americans in the poorest 20 percent become wealthier over the course of their lives.

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