The credit cycle drives the business, or trade, cycle. It should be obvious that changes in the quantity of money, mostly in the form of bank credit, have an effect on business conditions. Indeed, that is why central banks implement a monetary policy. By increasing the quantity of money in circulation and by encouraging the banks to lend, a central bank aims to achieve full employment.
Ever since images of the police deploying armored vehicles against peaceful demonstrators in Ferguson, Missouri, hit the national airwaves in 2014, the Pentagon’s program for supplying “surplus” military equipment to l
[From The Clash of Group Interests, and Other Essays, translated by Jane E. Sanders]1
Modern monetary theory, which is now experiencing its fifteen minutes of fame, contains a number of strange and counterintuitive propositions.1 Proponents claim that these propositions are not an economic theory, only an accounting identity.
One story has Japanese lawmakers worried about the future of Japanese enterprise. Nobel laureate Tasuku Honjo, whose research led to the creation of the revolutionary cancer drug Opdivo, is suing the company for which he developed the drug; they promised him substantial compensation and subsequently rescinded their offer.
In his noneconomic magnum opus, The Ethics of Liberty (henceforth TEoL), Murray Rothbard outlined what he considered to be the fullest and most complete ethical system of freedom and libertarian natural law.
