By A. Rayman
Quantity II proposes radical reform (1) of the accounting method – to deliver company administration below the regulate of industry forces; and (2) of the tax approach – to let the financial system to develop to its complete strength and to set up an automated mechanism for expense balance with none arbitrary intervention.
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Extra info for A Multi-Gear Strategy for Economic Recovery
21)] Compared with the alternatives, laissez-faire remains the best hope of increasing the welfare of nations: The demand for those who live by wages … naturally increases with the increase of national wealth, and cannot possibly increase without it. It is not the actual greatness of national wealth, but its continual increase, which occasions a rise in the wages of labour. 71] Ch. 3 The Greatest Economic Theorist of Them All 27 The liberal reward of labour, therefore, as it is the necessary effect, so it is the natural symptom of increasing national wealth.
Completely “open” economies have no barriers restricting the two-way flow of resources between themselves and the rest of the world. The majority, however, are more or less leaky affairs somewhere between these two extremes. The globalisation of competition has transformed the mobility of the resources in the tray: they now flow far more quickly towards their areas of comparative advantage. Mobility is still far from perfect. It remains a long way short of the free-market goal; but a significant step has been taken towards what was once no more than a distant dream of bringing peace and harmony to the world: Commerce first taught nations to see with good will the wealth and prosperity of one another.
As a unit of account, for contracts and for balance sheets, it quickly becomes worse than useless. 50] Unemployment, the precarious life of the worker, the disappointment of expectation, the sudden loss of savings, the excessive windfalls to individuals, the speculator, the profiteer – all proceed, in large measure, from the instability of the standard of value. v] It is the fact that the redistributional effect of inflation is indiscriminate which is responsible for the economic injustice: The fault is not personal but social, so that we ought not to blame the lucky winners in the lottery but abolish the lottery.
A Multi-Gear Strategy for Economic Recovery by A. Rayman