George Reisman is the kind of economist who’d give Keynes nightmares, and that's exactly why he's so important. Born in 1937 in New York City, Reisman is an American economist, author, and professor emeritus at Pepperdine University. He's spent his life advancing the principles of laissez-faire capitalism. To understand why his ideas challenge the status quo, you need to know who Reisman is, what he stands for, and why he terrifies the big government advocates of today.
First reason Reisman matters: He studied under Austrian School luminary, Ludwig von Mises, which is like learning to paint from Da Vinci himself. For those keeping score at home, that pedigree is a big deal. Reisman authored ‘Capitalism: A Treatise on Economics’ in 1996, bringing to light a potent combination of Austrian and classical economics. That book alone is enough to make his opponents sweat. Don’t expect it to be on the coffee tables of those pushing for big government anytime soon.
Second, Reisman takes a sledgehammer to the welfare state. He argues it doesn't make people “better off.” Instead, it does the opposite. By draining resources from productive individuals and redistributing them with inefficiency, it turns prosperity into poverty. This notion that government can’t create wealth is something many fail to grasp. He’s like an economic groupie for capitalism, showing us that when people keep what they earn, economies flourish.
Reisman’s third point of interest is his staunch defense of property rights. For him, your property is your business—period. The trampling of property rights by government regulations is not just a wrong turn, it’s a car wreck waiting to happen. Without the sanctity of private property, individual liberty takes a nosedive. Reisman insists on property rights like a watchdog, barking at every encroachment.
The fourth and quite shocking whammy from Reisman: Environmentalism and its pitfalls. Reisman freely talks about how environmental policies can be more harmful than helpful. He highlights that stringent controls often do more to increase costs and stunt economic growth, rather than protecting what they intend to. In his view, these regulations are more about control than conservation.
Next up, his discussions on inflation are enough to detonate the claims of monetary easing advocates. For Reisman, inflation is a creation of government. It’s not some mystical force of nature. It’s a policy that eats away at savings and destroys the currency’s purchasing power. While others might pump money into a struggling economy like air into a leaky tire, Reisman points out it’s akin to driving on the rim.
Sixth, he hammers on the moral argument for capitalism. Reisman shifts the dialogue from what's efficient to what's right, positing that capitalism rewards merit, effort, and innovation. Instead of fiscal alchemy, it’s a factory of opportunity. Pure economic freedom and individual responsibility are the stars in his show, where government intervention doesn’t even get a cameo.
Reisman’s take on social security is also worth a mention. His critique boils down to this: It’s a pyramid scheme. By expecting future generations to pay for current benefits, the system faces inevitable collapse. The model encourages dependency rather than self-reliance, and Reisman pulls no punches in highlighting its unsustainability.
The eighth point touches on something that might seem controversial but isn’t in the least to anyone embracing logic: Education. He critiques public education as a breeding ground for indoctrinating agendas, leading to anything but the competitive meritocracy needed in a capitalistic society. For Reisman, education should teach students how to think, not what to think.
Let's turn our gaze next to his perspective on the healthcare industry. To Reisman, bowing to government mandates distorts healthcare, making it more about avoiding pre-existing conditions than encouraging innovation. With each additional regulation, the industry moves further from patient care to paperwork.
Finally, concerning taxation, Reisman pulls no punches. His take is straightforward: taxing success cripples ambition. He suggests the tax code is a bloated monstrosity that punishes success instead of rewarding it. To Reisman, slashing taxes—especially on income and productivity—is not just good policy, it’s the essential lubricant for economic engines.
George Reisman stands as an intellectual titan among economic thinkers. His views go beyond traditional economics, touching on every facet of society and poking holes in popular but flawed doctrines. Love him or hate him, you cannot ignore him. His contributions demonstrate the kind of rigorous, reality-based thinking that can terrify, or should we say, ‘shock and awe’ those who peddle government expansion dressed as progress.