The feds claim the chicken industry is trying to exploit the consumer. Yet several decades ago, chicken was more expensive than beef, but thanks to industry efforts, chicken is exceptionally affordable now.
Central bankers are saying two things at once. First, they say that negative interest rates are a natural historical development. But then they say negative rates are an essential tool central banks are using to manipulate the economy.
Proponents of modern monetary theory have come up with their own idiosyncratic definition of savings in support of their theory. But the common usage of the term shows MMT doesn't work the way its supporters think it does.
The division of labor promotes peaceful exchange and continues peace. But this can all break down when governments intervene to prevent peaceful interaction and when government incompetence promotes violence.
Keynes viewed depressions as something that could naturally plague market economies when total spending was insufficient to support full employment. Only with wise oversight could we hope to achieve steady economic growth.
Murray Rothbard’s number one rule in an economic crisis is for the government not to interfere with the market’s adjustment process. Doing so will only perpetuate the crisis.
