The Tendency Of Welfare Spending In The

The Larger The Percentage Of The National Income Taken By Taxes The Greater The Deterrent To Private Production And Employment. When The Total Tax Burden Grows Beyond A Bearable Size, The Problem Of Devising Taxes That Will Not Discourage And Disrupt Production Becomes Insoluble.

Economics Is Haunted By More Fallacies Than Any Other Study Known To Man. This Is No Accident. The Inherent Difficulties Of The Subject Would Be Great Enough In Any Case, But They Are Multiplied A Thousandfold By A Factor That Is Insignificant In, Say, Physics, Mathematics Or Medicine - The Special Pleading Of Selfish Interests.

Government-to-government Foreign Aid Promotes Statism, Centralized Planning, Socialism, Dependence, Pauperization, Inefficiency, And Waste. It Prolongs The Poverty It Is Designed To Cure. Voluntary Private Investment In Private Enterprise, On The Other Hand, Promotes Capitalism, Production, Independence, And Self-reliance.

If A Government Resorts To Inflation, That Is, Creates Money In Order To Cover Its Budget Deficits Or Expands Credit In Order To Stimulate Business, Then No Power On Earth, No Gimmick, Device, Trick Or Even Indexation Can Prevent Its Economic Consequences.

The Way To Maximize Production Is To Maximize The Incentives To Production. And The Way To Do That, As The Modern World Has Discovered, Is Through The System Known As Capitalism - The System Of Private Property, Free Markets, And Free Enterprise.