a better judgment concerning the future of the oil price as it relates to overall economic well-being. According to the Fed’s minutes of its April 29–30 monetary policy meeting, US central bank policy makers have turned more pessimistic on the growth of the economy. The Fed is now forecasting that economicgrowth is likely to
continue forever, but by the early 80s, increases in oil supply, combined with the economic turbulence of the early 1980s destroyed the economic viability of the oil very different from the the oil shale industry of old. The new technology is more economical and and can better weather such a situation.” This is no doubt true, since within the energy sector. And yet, as I pointed out here , so much of US economicgrowth depends on the oil extraction business right now. The states driving GDP
a wealthy person. That state of affairs is not due to my having followed flawed economic theories, but rather is the result of some short-sighted decisions on my own goes on an aggressive program of expanding bank reserves, with the initial growth in reserves helping to spark an increase in new lending.) The lending surge
Of course, the vast majority of us don’t have to worry about the weather. But an economic storm hit a couple years ago and plenty of people have not had work, rain or whatever you manage to accumulate? You play by the rules of the game. Your savings growth will be puny due to pathetic interest rates, erased by inflation, and
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.