Michael Sandel doesn't like capitalism. But he can't seem to manage an economic argument for why. He's content to claim that capitalism is morally corrupting, converting anticapitalism into a sort of pseudoreligious faith.
Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.
The real problem with inflation, properly understood is that it is essentially a wealth transfer away from the most productive parts of the economy. This causes bubbles and economic fragility.
The real problem with inflation, properly understood is that it is essentially a wealth transfer away from the most productive parts of the economy. This causes bubbles and economic fragility.
Prices determined in the marketplace are absolutely essential to a functioning economic system. This is no less true if today's property was redistributed unjustly in the past. Market prices today are the path to recovery.
Winning narratives shape market prices until their victory is confirmed by the facts or they are discredited by facts and replaced by new narratives.
Although the money supply has greatly increased, accompanying growth in production has it possible to keep the current system of immense debt increase going for a long time.
Although the money supply has greatly increased, accompanying growth in production has made it possible to keep the current system of immense debt increase going for a long time.
Efforts by US policymakers to boost crude prices and to throw a lifeline to high-cost US crude producers is the exact opposite of what prices are telling us the market needs at this time.
If you've wanted to read Human Action, this is your opportunity to hear it explained by great economists and scholars!
