2. Direct Effects of Intervention on Utility
2. Fundamentals of Intervention
1. Types of Intervention
WE HAVE SO FAR CONTEMPLATED a free society and a free market, where any needed defense against violent invasion of person and property is supplied, not by the State, but by freely competitive, marketable defense agencies. Our major task in this volume is to analyze the effects of various types of violent intervention in society and, especially, in the market. Most of our examples will deal with the State, since the State is uniquely the agency engaged in regularized violence on a large scale. However, our analysis applies to the extent that any individual or group commits violent invasion.
March’s economic report from the National Association of Credit Management dropped to the lowest it’s been this year. The combined index fell from 53.2 in February to 51.2 this month.
NACM economic Chris Kuehl had hoped the previous month’s reading was just a fluke and he noted that we are now at the lowest point since the recession. The report monitors a variety of positive and negative factors related to credit such as rejection of credit applications, accounts placed for collection, disputes, dollar amount beyond terms.
Last week, The Economist ran a piece on the rather uneven relationship between the monetary power of the Fed and that of other smaller countries, such as emerging markets.
1. Defenses on the Free Market
ECONOMISTS HAVE REFERRED INNUMERABLE TIMES to the “free market,” the social array of voluntary exchanges of goods and services. But despite this abundance of treatment, their analysis has slighted the deeper implications of free exchange. Thus, there has been general neglect of the fact that free exchange means exchange of titles of ownership to property, and that, therefore, the economist is obliged to inquire into the conditions and the nature of the property ownership that would obtain in the free society.
Power and Market: Government and the Economy
Lew Rockwell weighs in on the American state’s recent capitulation on the Asian Infrastructure Investment Bank. The Obama administration has been staunchly against the new institution, fearing it might fuel de-dollarization and some day compete with the WB and IMF. However, after numerous US allies decided to work with the AIIB, the US suddenly decided it could live with the AIIB.
President Obama and Fed Chair Janet Yellen have been crowing about improving economic conditions in the US. Unemployment is down to 5.5 percent and growth in 2014 hit 2.2 percent.
Journalists and economists point to this improvement as proof that quantitative easing was effective.
