The forces of anticapitalism have long latched on to whatever best suits them for pushing their agenda. Whatever the latest injustice may be—from a polluted environment to poverty to racism—the solution is always the end of capitalism.
As Japan has shown, ultralow interest rates can greatly affect a society that was once impressively focused on innovation and investment.
As Japan has shown, ultralow interest rates can greatly affect a society that was once impressively focused on innovation and investment.
Reswitching indicates that the average production period is not necessarily a decreasing function of the interest rate. Granot's generic model of the structure of production shows behavior resembling reswitching.
Addressing a problem that Karl-Friedrich Israel perceived in Salerno's chapter "The 'Income Effect' in Causal-Realist Price Theory," Salerno contends that Israel's resolution implies a denial of the law of demand.
Ulrich Fehl, professor emeritus at Marburg University, passed away November 9, 2019. Prof. Fehl is remembered in this tribute by his student, Peter Engelhard
Ulrich Fehl, professor emeritus at Marburg University, passed away November 9, 2019. Prof. Fehl is remembered in this tribute by his student, Peter Engelhard
Capitalists and entrepreneurs serve distinct functions in the real economy. Capitalists save money that then maintains production processes until final goods are produced. Entrepreneurs adjust the capital structure in light of uncertainty to produce the most desired goods. Capitalists are rewarded with interest, entrepreneurs with profit.
Over eighty years ago, Keynes condemned the rentier and welcomed his future disappearance. Following in his footsteps, politicians and central bankers today are ever closer to effectively bringing this about.
