Any theory — including any of Paul Krugman's Keynesian models — that neglects the distortion of the capital structure during boom periods cannot possibly hope to accurately prescribe policy solutions after a crash.
Fergusson presents a compelling argument that the central bankers of Europe did not believe that the quantity of money had anything to do with the price level. And I suppose you think that our modern Fed rulers understand at least this much.
The world would be a happier place if official economic statistics had never been created. They are often inaccurate or otherwise flawed and misleading. An even more serious consideration: official statistics help to provide rationales for pernicious policy making.
Most people never have occasion to navigate the "intellectual-property" thicket so they might be susceptible to arguments like one I recently heard. I was asking permission to use a certain text for a final printed publication. The rights holder knew of my own views on these matters — I see copyright as government coercion — and so he couched his preliminary position in the form of argument that I'm summarizing here:
It was while I was attending graduate school that I met Murray Rothbard. Rothbard followed LeFevre on the program and, although I do not recall the precise topic of his talk that day, I was extremely impressed with the joyfulness, affability, and sense of humor he projected.
Richard Henry Lee is best known for the June 7, 1776, motion calling for the colonies' independence from Great Britain, which led to the Declaration of Independence. As a consistent advocate of liberty, he also opposed the Constitution.
Crystal meth is a horrible drug, but it is also a cheap date, the poor man's cocaine. During cocaine's heyday, meth was nearly extinct on the illegal market. Then came the war on cocaine.
If the cost of labor increases, someone has to pay for it. Laborers may pay in the form of decreased work opportunities, investors may pay in the form of decreased returns on capital, or consumers may pay in the form of higher prices required by increased costs.
