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Is President Trump about to invade Venezuela? His advisors keep telling us in ever-stronger terms that “all options are on the table” and that US military intervention to restore Venezuela’s constitution “may be necessary.” Secretary of State Mike Pompeo was on the Sunday news programs to claim that President Trump could launch a military attack against Venezuela without Congress’s approval.
Economics In Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly. By John Quiggin. Princeton University Press, 2019. Xii + 390 pages.
What characterizes the modern economy is its complex structure of production that seemingly generates an endless amount, and an endless variety, of goods. It seems that the production structure has, as it were, a self-generating mechanism. Careful examination, however, shows that without a key ingredient, the entire infrastructure could not have emerged. The ingredient that makes it all possible is the subsistence fund. The following simplified example will allow us to ascertain the essence of this fund.
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The media has placed a lot of emphasis on the racial wealth gap.
[Editor’s Note: L. Albert Hahn was a German banker and investor who made his name in the mid-20th century as a critic of Keynesian economics. Grounded on an Austrian understanding of the business cycle and uncertainty, Hahn depicts the stock market as being overwhelmingly inhabited by investors whose thinking is constrained by mass opinion.
