Happy Thanksgiving! – “The true patron of this holiday feast – property rights”

The story of how the Pilgrims went from starving to plenty that I didn’t hear in school. In William Bradford’s own words: [youtube=http://www.youtube.com/watch?feature=player_embedded&v=66QdQErc8JQ#t=135] The video title is The Pilgrims and Property Rights: How our ancestors got fat & happy. Communal property was not acceptable to the married menfolk or the Read more…

Thatcher: Socialists would rather have the poor poorer provided the rich were less rich

Margaret Thatcher passed away today.

In 1990 she gave this great explanation of the difference between capitalists and socialists while being questioned in the Commons.

[youtube=http://www.youtube.com/watch?feature=player_embedded&v=rv5t6rC6yvg]

An obvious socialist asked how she could defend policies that resulted in the gap between richest 10% and poorest 10% widening substantially. The poor were relatively less better off than the rich. How could she justify that?

Her devastating response: (more…)

Under what economic model did the pilgrims almost starve? What different economic model allowed them to thrive?

Here’s the arrangement the Pilgrims used when they first landed:

“Although they planted household gardens almost from the start, they collectivized initial field and livestock operations. The settlers had some agricultural successes, but they were unable to grow corn in their common field. Within six months of reaching Plymouth, almost one-half of the population had perished from disease.

That’s a quote from Professor Robert Ellickson in Prof. Don Boudreaux’s article The Pilgrims’ economic progress.

A collectivized farming system didn’t work too well.  Starvation was the result.

So, they changed their plans: (more…)