An expansion of the money supply will cause discoordination, in the way that Mises, Hayek, and Rothbard have patiently explained — and Krugman has ignored. And if expansion proceeds by means of more bank credit, the upshot will be renewed malinvestment. To oppose monetary expansion is not moralism but simple common sense.
But there are a few great voices left, and others not so great that are still telling the truth, and these the individual may amplify prodigiously.
The precept of methodological individualism has shown its usefulness in the explanation of the origin of money.
To make things even worse, the unintended adverse consequences of government "solutions" undermine the premier example of unintended positive consequences in society — the "invisible hand" of market mechanisms that arise from self-ownership and lack of coercion.
He took to laissez faire economics, not because of its utilitarian support, but because of his abhorrence of political intervention.
Price formation is the specific economic characteristic of the economy — as distinct from all the other social, historical, and technical characteristics — and that all specifically economic events can be comprehended within the framework of price formation.
The two haute couture lines creating the most buzz are "Laissez-Faire," by Ludwig von Mises, and "Après Moi le Déluge" by British export, John Keynes.
There is a serious danger in the refusal to acknowledge the inferential and moral legitimacy of instances of rational discrimination.
