Happy Birthday, Václav – ThisIsCommonSense.org

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In 1941, Czech economist and politician Václav Klaus was born; other June 19 births include Salman Rushdie in 1947, Kathleen Turner in 1954, and Laura Ingraham in 1964.

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Thought of the Day

The capitalist system was termed “capitalism” not by a friend of the system, but by an individual who considered it to be the worst of all historical systems, the greatest evil that had ever befallen mankind. That man was Karl Marx. Nevertheless, there is no reason to reject Marx’s term, because it describes clearly the source of the great social improvements brought about by capitalism. Those improvements are the result of capital accumulation; they are based on the fact that people, as a rule, do not consume everything they have produced, that they save — and invest — a part of it.
Ludwig von Mises, Economic Policy: Thoughts for Today and Tomorrow (1979; Third Edition: 2006),

— Ludwig von Mises

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