Gary Danelishen

A team of computer scientists at the University of Alberta announced that they had solved the game of checkers (8 x 8 draughts). Human checkers players no longer have any hope of defeating this program. So too in the world of economics, Austrians have explained that economic law is immutable and therefore unbeatable. Politicians need to relent.

Economists of the Austrian School of economics define inflation differently than much of the mainstream of the economics profession. The typical mainstream intermediate macroeconomics textbook defines inflation as “an increase in the overall level of prices.” Ludwig von Mises, suggested otherwise. A recent exchange between Congressman Ron Paul and Ben Bernanke took place during Bernanke’s testimony before the Congressional Joint Economic Committee on November 8, 2007. Congressman Paul, instead of referring to either the PPI or CPI, referred to the MZM money aggregate. He likened the Fed to a price fixer.