Gary Wolfram,

A Capitalist Manifesto


Capitalism: The Engine Of Human Progress

It took six thousand years from the invention of the wheel until we developed the two-wheeled cart. … From the time of Moses to Wyatt Earp we moved from two-wheeled carts to four-wheeled carts — buckboards and stagecoaches. Yet Wyatt Earp, who is an adult when he participates in the gunfight at the OK Corral, sees the movement from four-wheeled carts to the Model T. My grandparents were born before man had ever seen powered flight, yet lived to see a time when you could buy a trip into space. The rapid increase in innovation and the wealth of the masses occurred because the West gradually developed the economic system of market capitalism and a compatible political system.

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Keynesian Economics and the Great Depression

Hillsdale College economics professor Gary Wolfram discusses Keynesian economics and the factors that pulled the national economy out of the Great Depression. The story of World War II shows that government spending may produce activity, but not the prosperity of a truly healthy economy.

 

-- Gary Wolfram, Hillsdale College,

Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    BLS: 4.5%
    Shadow Stats: 22.5%
  • Inflation:
    March Year-to-Year: 2.74% (CPI-U*)
    Shadow Stats: 10.5%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]