What needs to be understood clearly is the mischievous nature of the governmentally sheltered fractional-reserve banking system. In terms of the relative frequency of "boom-bust" cycles, we find ourselves precisely where we were without the "monetary policy".
We can have no confidence that the Stiglitz model captures the essential aspects of real world economizing that it purports to. We therefore can have no confidence in any belief that rests upon this or similar theories that government has a proper role to play in increasing economic efficiency or social welfare by use of taxes, subsidies, and transfer payments.
Once and for all, I'm going to target the main motivation for minimum wage advocates in academia: politics.
Government officials have the incentive and the ability to manipulate economic statistics. The lesson is: don't be fooled by government statistics.
Free-market capitalism allows for a degree of coordination that no other system can match. Those who hold capitalism to a standard of perfection ignore the fact that activist governments have failed to attain anything better, and have often made matters worse.
In this article we have shown that causality cannot be established by statistical means without a coherent definition of what money is and how it is related to the prices of financial assets. Contrary to various experts who dismiss the importance of money in driving the stock prices, we have shown that this dismissal is based on a wrongheaded framework of thinking.
An individual who earns more money per week is obviously in a position to spend more in buying consumers’ goods than is an individual who ear
In recent years there have been growing complaints over slow growth in wages compared to profits.
Everybody worries about inflation these days. It’s chic. It’s trendy. And it gives me a great comeback to the boss at raise time.
What I have shown is that to the extent that government spending consists either of waste or of intermediate goods, measurement of the standard of living of those working in the private sector is rendered much more accurately by Rothbard's measurement of PPR per private sector worker than by the Department of Commerce's per capita GNP.
