Capital and Interest Theory

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The Mirage of the Mortgage Fix

Capital and Interest TheoryInterventionismPrivate Property


The sea of inflationary credit is the core problem behind the falling dollar, the subprime crisis, the housing meltdown, not to mention the rise in the national debt and a thousand other problems. No one in Washington seems to understand the reason for the crisis, much less how to fix it. A good...

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Mugabenomics in action

Money and BanksCapital and Interest TheoryMoney and Banking


It appears that the government of Zimbabwe is giving the Hungarian pengo, a run for its money (literally):...

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GG on Capital

Capital and Interest Theory


Sorry to revisit the same topic so shortly, but in that same AA edition cited in my previous post, I simply cannot praise Garrett's piece, entitled 'Mythologies of Reconversion', enough. This is not just a witheringly effective dismissal of the central planner's and inflationist's folies de...

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My letter re: Friedman's take on the Great Depression

Booms and BustsCapital and Interest Theory


THE FREEMAN Letters to the Editor Thanks to Milton Friedman's brilliance, charisma and diplomacy he became an ardent spokesman for many free market reforms in this country. And now Ivan Pongracic, Jr. (The Great Depression According to Milton Friedman, September 2007) gives him credit for...

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The Piracy Paradox

Capital and Interest TheoryEntrepreneurshipProduction Theory


My post Knock It Off discusses Jacob Sullum's Reason article about knockoffs in the high-fashion industry, and the lobbying by designers for copyright-like protection of clothing designs. A recent article in The New Yorker,...

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More money makes us rich

The FedCapital and Interest TheoryMoney and Banking


It was this very day that I was telling some visiting students about the silliness of the old populist silver movement of the late 19th century, how they ridiculously believed that all economic troubles could be solved if only the government would print more money — not realizing that more money...

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Adam Smith and Karl Marx's basic and monumental (in consequences) error

Capital and Interest TheoryMonetary TheoryValue and Exchange


What could these two thinkers, considered to be opposites, have in common? It turns out that Karl Marx inherits from Adam Smith a very basic error, one which has monumental consequences and has changed the world forever.

Adam Smith tells us in his famous treatise on the wealth of nations...

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