For some, a small dose of mild inflation, say 2% annually, is necessary for economic growth. For others, the act of inflation inherently reduces purchasing power and alters investing, savings, and business development. Most, though, would agree on the dangers of a purposeful use of inflation to get out of economic profligacy. With all of
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Imagine a boy is taking a test and is tempted to cheat by looking at his notes. He evaluates the situation: his notes are on the floor, and he could easily look at them without being caught. Plus, if he aces the test, he will finish the semester with an “A” rather than a “B”
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Social Justice — although this little phrase glibly slips off the tongue of many an individual, its ambiguity and explosive political nature can often cause profound confusion about the concept’s true meaning. Indeed, as one commentator put it, the concept of social justice “is allowed to float in the air as if everyone will recognize
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“Fortitude” is a five-dollar word used to describe a virtue more simply known as “courage” or “bravery.” It is one of the four cardinal virtues along with prudence, justice, and temperance. In particular, fortitude along with temperance helps one to conquer the obstacles to doing the good with prudence and justice. According to Aristotle, one possesses the virtue
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In 1832, the British political economist William Forster Lloyd observed that cattle grazing on common land tended to be scrawnier than those raised in private enclosures. The “commons,” Lloyd realized, were threatened by people’s private interests and unwillingness to maintain the grass enclosure the way they would their private property. Using Lloyd’s concern about the “tragedy of
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On June 4, 1940, the outlook was bleak for Great Britain in its battle against Nazi Germany. By then the Nazis had already subjugated or conquered Austria, Czechoslovakia, Poland, Denmark, Norway, Belgium, the Netherlands, and most of France. The British Expeditionary Force was forced to flee the continent at Dunkirk. America was not in the war.
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