The two terms socialism and communism are synonyms. Communism is a very old term, while the term socialism was first coined in France at the end of the 1830s. Up to the year 1917 both were used indiscriminately. Thus Marx and Engels called the program they published in 1848 the Communist Manifesto, while the parties they organized for the realization of this program called themselves socialist parties.

Before 1917 no distinction was made between the two words. When Lenin called his party “communist,” he meant that it was a party sincerely aiming at the realization of socialism as distinct from the parties that, according to Lenin, merely called themselves socialist parties while in fact they were “social traitors” and “servants” of the bourgeoisie. Lenin never pretended that his Communist party had any other goal than the realization of socialism. The official name he gave to his government was?and is?the Union of the Soviet Socialist Republics. If somebody says he is opposed to communism, but cherishes socialism, he is no more consistent or logical than a man who declares that he is opposed to murder but cherishes assassination.

— Ludwig von Mises, Economic Freedom & Interventionism, Chapter 21
Profits are the driving force of the market economy. The greater the profits, the better the needs of the consumers are supplied … He who serves the public best makes the highest profits.

Ludwig von Mises

Check out this awesome article from Values and Capitalism: “People-vs-Profits” is a False Dichotomy

(via learnliberty)

I wished business schools would remind themselves of this. I think b-schools students should be taught Austrian Econ, as a prerequisite

(via lalibertarienne)

Personally, I’d replace “profits” with “incentives”. People far to often think of profits as purely monetary gains. But some people believe in gains that are not necessarily monetary in nature, such as emotional gains. 

There are those that engage in supplying consumers for some sort of emotional gain and that, to them, is the incentive of doing business. 

This is where the theories of economics start to diverge with the theories of ethics and philosophy; specifically with the ethics of altruism of David Hume. 

Maybe it’s just me, but if we started talking about “income” and “profits” as things that go beyond just monetary gains, maybe we’d attract more individuals to the ideas of capitalism and anarcho-capitalism. 

(via sugashane)

In a money-driven world, profit is the incentive. I think what Sugashane is saying is valid, because we can build a world not driven by money.

(via priceofliberty)

That’s not exactly what I’m saying. 

I’m saying that in a money driven world, some may act for the purposes of gaining things other than money. No “new” system needs to be invented for this to hold true.  

Perfect example is me blogging. I blog and receive zero income for it. however my incentive is to try and educate people as best as I can in the ideas of liberty. My incentive, or profit, is a “better world”, not money. And that incentive is good enough to drive me to serve as best as I can. 

I just like the use of incentives over the use of profits, in general. It better encompasses the different type of motivators in the marketplace. 

(via priceofliberty)

Profits are the driving force of the market economy. The greater the profits, the better the needs of the consumers are supplied … He who serves the public best makes the highest profits.

Ludwig von Mises

Check out this awesome article from Values and Capitalism: “People-vs-Profits” is a False Dichotomy

(via learnliberty)

I wished business schools would remind themselves of this. I think b-schools students should be taught Austrian Econ, as a prerequisite

(via lalibertarienne)

Personally, I’d replace “profits” with “incentives”. People far to often think of profits as purely monetary gains. But some people believe in gains that are not necessarily monetary in nature, such as emotional gains. 

There are those that engage in supplying consumers for some sort of emotional gain and that, to them, is the incentive of doing business. 

This is where the theories of economics start to diverge with the theories of ethics and philosophy; specifically with the ethics of altruism of David Hume. 

Maybe it’s just me, but if we started talking about “income” and “profits” as things that go beyond just monetary gains, maybe we’d attract more individuals to the ideas of capitalism and anarcho-capitalism. 

(via lalibertarienne)

The History of Austrian Economics with the legendary Israel Kirzner

econfree:

Win a copy of The Law or eleven other books that promote economic freedom in our 12 Books of Christmas Sweepstakes! 

ARBFB (Always ReBlog Frederic Bastiat). 

econfree:

Win a copy of The Law or eleven other books that promote economic freedom in our 12 Books of Christmas Sweepstakes! 

ARBFB (Always ReBlog Frederic Bastiat). 

The avowed aim of all Utopian movements is to put an end to history and to establish a final and permanent calm. — Ludwig von Mises

(via eltigrechico)

Nature never repeats itself in its creations; it produces nothing by the dozen, nor are its products standardized. Each man who leaves her workshop bears the imprint of the individual, the unique, the never-to-recur. Ludwig von Mises, Liberalism (via eltigrechico)
If the government objects to monopoly prices for new inventions, it should stop granting patents. — Ludwig von Mises. (via libertarians)

(via lalibertarienne)

Economics, like logic and mathematics, is a display of abstract reasoning. Economics can never be experimental and empirical. The economist does not need an expensive apparatus for the conduct of his studies. What he needs is the power to think clearly and to discern in the wilderness of events what is essential from what is merely accidental. — Ludwig Von Mises, Human Action (via laliberty)

(via eltigrechico)