How Anarchy Would Work
Insurance companies would either sell defense or maintain proximity with Defense Companies. If we both are customers of Reliance Defense Company, and a dispute between us occurs, the dispute would be submitted to the court of Reliance Defense company, or a court patronized by Reliance Defense Company. The decision of the court would be respected. If you are found guilty, the Reliance Defense Company, or its Insurance Company would compensate me for the damages done by you. It will be then the task of Reliance Defense Company to get back their money by putting you in a debtor workhouse (prison) or by garnishing your wages. I, the Defense Company, and the Insurance Company would be in a position of inconvenience due to the damages caused by you. Continue reading

In a free-society with individuals having complete self-ownership, (Capitalist society) the production of wealth vitally depends on division of labor, a system of production in which all the labor required is broken down into separate, distinct occupations. Obviously, each individual is free and self-responsible enough to decide at his own to what occupation suits him well and serves his self-interests in most proficient way. A society of free self-governing individuals essentially depends on each individual’s self-interest and his ability to exploit his own talent and efforts for fulfilling his needs, desires and self-interests and that makes rational-selfishness as the virtue of the free individual. Continue reading

The term Human Resources gains its roots from the fact that human labour is the most necessary pre-condition for the production of Wealth. All such goods, which, man needs to produce for his well-being, prosperity and progress and as a thinking being he expend his rational faculty and physical labour or effort to produce them, are economic goods and all economic goods are wealth.
Naturally occurring goods such as air, sunlight, rainfall and wind are also material goods coming to us automatically, they do not need human labour or his thinking capacity to occur hence such material goods are known as free goods. Continue reading

Like all of the other major industrialized countries, India also have a Universal Health Care System run by the state and central government. The governmental hospitals provide health care to the masses at the tax-payer expense. Most important drugs are often provided free of charge. Obviously, on papers, nothing can seem any better than the universalized health care system. Universal Health Care system is the proposed health care facility for all the eligible residents of a political region, and the costs of the treatment and care are borne by the government funded program, that is by the tax-payers money.
Somehow, government establishes the idea that the health care is a sort of fundamental right for the citizens and it is governmental duty of the system to provide health care facilities; obviously, the tax-payers need to pay for that duty. Continue reading

The government is all set to stage a platform for the debate over gay rights in the Indian parliament.
Often people complains that the homosexuals and the activists supporting them are corrupting India with “evil western culture”, and their complaints get some strength because of the fact that US is also going through similar sort of debates over gay rights in US with the president Obama in a mood to support the homosexuals strongly.
It can be true that the gay right movement in US inspired the Indian activists, but can we say that it is the western culture, which is corrupting India?
Jessica Thompson answers it well in her blog at Times of India.
Obviously, it is not about corrupting India, it is about amending a wrong.
The article 377 simply makes homosexuality an unnatural act and thus illegal and that is wrong.
Removing the article 377 will let many homosexuals live freely without any fear of blackmailing. Yet the real issue is not just to decriminalize homosexuality, but it is to recognize the individual’s right to be homosexual if he wants to. Continue reading

Even in the modern day India, Mahatma Gandhi and Jawaharlal Nehru are considered as “Gods”. Any attempt to criticize them is met by denial and hatred. I remember that years back, when I made a case against the socialist policies of Nehru in my college hostel, every one of them present there turned emotional. They argued that India is a poor country, and hence need intelligent planning, to which Nehru made significant contributions. Their response was similar to what you would get from sulky children when you point out that their parents could be wrong. “Breaking Free of Nehru”, by Sanjeev Sabhlok, a resigned IAS officer, flies in the face of such an attitude. Sabhlok is one of the very few Indian authors I have read who has a reasonably good understanding of Free Market Economics. He points out with extreme clarity and precision that the legacy of Nehruvian Socialism has done incalculable harm to India. Continue reading

There is a strong common ground among the Libertarians and Communists and that is Open Source movement. Communists do not accept “Intellectual Property” rights such as copyrights and patents as their general rejection of any kind of property rights. Libertarians do not accept “Intellectual Property” rights because they refuse to acknowledge “Intellectual Property” as any kind of property at all, and copyrights being an artificial monopoly created by the government. Continue reading

Lets say if you somehow had the psychic ability to be able to predict the future demand and supply of wheat, say up to 6 months to 1 year in future. How do you think you would be able to use this ability to do good in the world? You could go to all the wheat farmers and tell them how much the future supply and demand of wheat would be, so the farmers will now be able to produce wheat more in accordance to how things are going to be at the end of the wheat season. Continue reading

The common excuse of politicians for the current economic crisis is, due to well-planned regulations, Indian economy is least suffering and has maintained a good GDP growth rate of 5.3%, while most of the other nations are suffering deep negative growth. By such bombastic claims of growth because of the government regulations, Indian government not only eludes the common man, but the current government also makes a political strongpoint for the upcoming general election.
Yet recently, one of the most prominent economists of India Mr. Surjit Bhalla has claimed that this is false comfort based on incorrect calculations. Citing OECD data, he says India actually had negative growth (-11.8%) in Q4 of 2008, not the 5.3% claimed by the government.
In addition, OECD based report says that in comparison, Indian economy fall with negative growth of 11.8% if we compare the GDP of 2007 for the fourth quarter with the fourth quarter of 2008.
Indian growth is far worse than in the US (-6.2%), UK (-8.4%) or European Union (-8.2%), though better than in Japan (-17.8%) or Korea (-28.8%). Continue reading

The inflation rate in Indian economy is sharply decreasing since some weeks and now it is around 0.44%. As some economic pundits have predicted, India may face deflation eventually. Obviously, it is an alarming effect of the deep recession India is facing and will have to face.
Is Deflation good or Harmful?
Today’s Economic Times has the screaming article Indian Economy staring at deflation. Is it good news ? in its front page that claims that, deflation is a threat, which must be tackled with.
The most common belief about deflation is that falling prices constitute deflation and thus must be feared and, if possible, prevented. Continue reading