Value in Devaluation?
Devaluation means monetary expansion. The resulting bubble is misinterpreted as the success of devaluation. There ensues a disastrous race to the bottom.
Devaluation means monetary expansion. The resulting bubble is misinterpreted as the success of devaluation. There ensues a disastrous race to the bottom.
According to the prejudice of many thinkers, "science is measurement."
Austrians understand that state intervention in the monetary system is an abuse.
Benjamin Anderson was among a handful of economists who set out to integrate monetary theory into a general theory of value. At last his treatise is back in print.
There is no necessary connection between the value of present consumer goods and the value of currently available capital goods.
Whether it's diamonds and water or hardbacks and e-books, the only cogent explanation for prices comes from the Austrians, not the classical economists.