The minimum wage law very cleverly is misnamed. The real minimum wage is zero. That is what many inexperienced and low skilled people receive as a result of legislation that makes it illegal to pay them what they are currently worth to an employer.

However little president Obama knows or cares about economics, he knows a lot about politics - and especially political rhetoric. 'High-speed rail' is simply another set of loft words to justify continued expansion of government spending. So are words like 'investment in education' or 'investment' in any number of other things, which serves the same political purpose.

A passionate commitment to social justice is no substitute for knowing what the hell you're talking about.

Those who want to "spread the wealth" almost invariably seek to concentrate the power. It happens too often, and in too many different countries around the world, to be a coincidence. Which is more dangerous, inequalities of wealth or concentrations of power?

Media bias in editorials and columns is one thing. Media fraud in reporting 'facts' in news stories is something else. ...The issue is not what various journalists or news organizations' editorial views are. The issue is the transformation of news reporting into ideological spin, along with self-serving taboos and outright fraud.

The vision of the anointed is one in which ills as poverty, irresponsible sex, and crime derive primarily from 'society,' rather than from individual choices and behavior. To believe in personal responsibility would be to destroy the whole special role of the anointed, whose vision casts them in the role of rescuers of people treated unfairly by 'society'.

Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.