Largely forgotten in the English-speaking world today, French laissez-faire economist Michel Chevalier was an early opponent of patents, which he dismissed as a type of monopoly and an obstacle to technological and intellectual progress.
The Middle East once enjoyed unprecedented economic prosperity, but thanks to centuries of bureaucratic centralization and institutional barriers to free-market growth, the modern Middle East has long since fallen behind the West.
At the individual level, we can't get rich by spending money, but Keynesian stimulus is built on the idea that yes, spending money does in fact make you richer. Unfortunately, it only makes some people richer, not including you.
If given a choice, people will avoid paper money that is declining in value, thus putting a restraint on inflationary bank notes. To shield banks from this, they turned to a monopolist central bank that issues legal tender and helps private banks inflate.
Zimbabwe, in the aftermath of years of hyperinflation, today has nine different currencies that are officially legal tender. The emerging system of multiple currencies offers a chance to make some interesting observations.
DC budget spinners are at it again, claiming that deficits are melting away and the national debt is no big deal. In fact, debt and spending are just as out-of-control as ever, and if interest rates go up, we’re in deep trouble.