Inflation can always give only a temporary fillip to the economy, and will leave us with a legacy of postponed adjustments and new maladjustments which make our problem more difficult.
Since 1900, the number of American farms in operation has fallen 63 percent. Meanwhile, the American standard of living is far beyond what the farmers of yesteryear could have imagined.
In every trade, a person is giving up something he values less for something he values more. Every time a shopper buys any item from another person, he has improved his standard of living, and so has the seller.
The vocational economist is dedicated to a body of ideas — not merely money, fame, or power — and strives to master the system of economic theory as handed down by the great system builders and innovators of the past.
The modern norm is that economic growth causes measured income inequality to increase. But to have greater income equality and greater economic growth. It simply requires more free market policies and less government interventionism.
