Anticapitalists often complain that people with more money exercise power over people with less money. Yet these same people seem oddly untroubled by the fact that central bankers can manipulate the money supply at any time to enrich themselves at everyone else's expense.
The national trade account balance is of little economic significance and is a sterile concept. But the government’s attempts to "fix" it can have many harmful effects.
A given goal dictates the specific means that an individual will choose for the attainment of that end. People make choices that they think will help them achieve an end.
Much has been written about the quantity of money and its effects on money’s purchasing power, but the quality of money has been neglected.
Some anti-Brexit pundits tried to frame the Brexit debate as one of savvy economics-minded people against economic illiterates. These people missed the point.
Economics is not intent upon pronouncing value judgments. It aims at a cognition of the consequences of certain modes of acting.
There is productive consumption and there is non-productive consumption. In the Keynesian mind, it's not necessary to produce anything, so long as people spend and consume endlessly, even to the point of destroying real wealth.
Shortcomings in the government's handling of monetary matters, of credit expansion, and the disastrous consequences of lowering the rate of interest gave birth to the ideas which finally generated the slogan "stabilization."
Values of goods are not static things that can be used for central planning. Values apply only to a particular transaction at a particular place and at a given time by human beings.
It is possible to determine in terms of money prices the sum of the income or the wealth of a number of people. But it is nonsensical to reckon national income or national wealth.
