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Posts Tagged ‘basic economics’

1930s Socialist Propaganda for a 4 Hour Work Day

Wednesday, 9 May 2018

Work less, get paid the same wages. Sounds like part time to me. That’s a way for a government administration to doctor the numbers to show unemployment decreasing while reducing the gross income of the work force. I’ll pass.

[Found here.]

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On Milton Friedman’s 100th Birthday

Tuesday, 31 July 2012

Milton Friedman was honored by President George W. Bush on his 90th birthday in 2002 in Washington D.C.

One of Milton Friedman‘s best known examples of Free Market Economics came from Leonard E. Read who wrote a famous article published in 1958 entitled, “I, Pencil.” (Download the .pdf here.)

The basic concept is so full of common sense that it amazes me that it’s not required reading for every student, every civilian and every government politico of every country on the face of the earth. Get government out of the way of the free market, and the free market will take care of everything else.

It’s that simple.

Friedman’s timeless presentation of “I, Pencil” is well worth the 10 minutes it takes to view. Proven throughout history, practical common sense transcends politics, and it always has and always will, except when bureaucratic forces prevent it from doing so.

[Don’ t miss Dr. Thomas Sowell’s tribute here. “I was still a Marxist after taking Professor Friedman’s class. Working as an economist in the government converted me.”]

Update: We’ve posted about Milton Friedman previously. Here’s a link to the archive.

“Try DOME GAS – It’s Better”

Sunday, 12 July 2009

Dome Gas 1926_Strange Cosmos 090710[Larger image can be found here.]

WHOA! 23¢ a gallon!  And what a GREAT slogan.

Let’s talk about gas prices vs. inflation.
Inflation calculator: 1926-2009 = 1,108.2%

Price per Gallon in 1926 (regular, leaded): $0.23/gal
Federal Gasoline Tax (up to 1933): $0.01/gal = 4.55%
Actual cost per gallon (1926 dollars): $0.22/gal
Actual cost per gallon, less taxes (2009 dollars):  $2.66/gal

Price per Gallon (regular unleaded) 10 July 2009: $2.90/gal
Federal Gasoline Tax 2009: $0.184/gal
California (Local + State + Fed Taxes) 6 July 2009:
$0.645/gal* = 2.9%

* Includes CA Sales Tax (7.25%) CA County & Local Sales Tax (1.25%), and  UST tax (1.2%) whateverTF that is.

Actual cost per gallon, less taxes (July 2009):  $2.26/gal**

**Note that the base price stated for California gasoline includes costs for state mandated fuel additives, summer/winter mixes, ethanol. Note also that this amount includes franchise fees, business license fees, miniscule profit by the small business folks, and Swantzenegger Boxer Feinswein Pelosi & Waxman fees, other “revenue enhancement fees” emanating from Sacramento, and costs for gettin’ the lead out.

[Sources found here and here.]

Now Let’s talk about mileage and cost and technology.

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