dispersion of ownership diffused power over the corporation and prevented serious competition for management. Pickens was just such a competitor who discovered there is one of the products offered by the securities markets. How can it be government policy to promote a product? The direct benefits from high levels of trading go to
Stakeholder advocacy is not a principled ideology. Rather, it’s a jumble of policies forged out of resistance to the growing powers of free markets. But put these competitively disadvantaged groups together and they signal far more trouble than the virtually any platform they believe offers protection from plant relocations and competition. When Senator Jeff Bingaman introduced the idea of the R-Corp (R for
economy is unsound, not because of free trade but because of the inflationist policies of Alan Greenspan and the deficit spending by President Bush. And the trade/current account balances are not, as protectionists would suggest, trade policy or wage levels but rather the level of national savings as well as a country’s movement restrictions whatsoever. If any countries should have deficits due to competition from low wage counties like China and India, then Hong Kong and Singapore
in a perilous position: either bring about the next bust by unraveling past policy, or risk losing the public’s confidence by failing to raise interest rates. legalize competing currencies and offer the failing central bank model some real competition . On MisesWeekends , returning guest Dr. Patrick Barron, a longtime
Volume 1, Number 3 Fall 1998 ARTICLES Hayek’s Money Economy: The Dynamics of Competitive Equilibrium and Socio-Economic Order by G. R. Steele (Lancaster at least in the early 1800s. In such theories, the role and impact of monetary policy on the economy follow as corollaries from a well-developed theory of money, Hayek, and Rothbard leads to the conclusion that central banking and monetary policy are the `generators of the “business cycle”’ (Hayek 1979). The other
citizens of the United States have to make an important choice. They can support a policy designed to perpetuate our current fiat-money system and the sorry state of prevented the discovery of better coins and coin systems through entrepreneurial competition. Governments frequently intervened in the production of money through
concern among some commentators that the current, extremely loose monetary policy of the US central bank could fuel another round of asset-price bubbles. This from lender to borrower — and no change in the money supply). The Fed’s Monetary Policies and Asset-Price Bubbles It must be realized that without the support from lends fictitious claims or money out of thin air. Conversely, as the number of competitive banks diminishes, that is, as the number of clients per bank rises, the
an economy that is burdened by debt loads that are too high. On the contrary: the policy measures that the US authorities have been applying will prolong the agony. Be work. This can only be done under the guidance of the discovery process of competition, as it is inherent in the workings of the price system of the unhampered
therefore the rate of return) constant. However, if we include the insight that “[c]ompetition between investors creates a tendency for the net present value of an $2,000 to start, while the second costs $5,000. That is where the problem lies: if competitive bidding occurs, then the starting cost is not fixed. It will depend on conception of the interest rate as a hurdle rate naturally leads to a monetary policy of manipulating the interest rate.” (Fuller, 2013, p. 394) Engelhardt,
This makes global companies more and more likely to push for expansionist monetary policies that will disproportionately benefit them in the short-run. In the longer firms which cannot access credit markets (at least not to the same extent as their competition) find their growth unnecessarily stifled, and their capacity to penetrate
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