Mises Wire
Author:
Chris Calton
Online Publish Date:
Capital Accumulation and Aggregate Price Levels Throughout history, we find many innovations in technology and business that lowered the price of entire baskets of of the nineteenth century, until the Federal Reserve charter mandated a monetary policy that would stabilize prices, which is a positive-sounding way of describing a that should have come from the gradual reduction in prices that results from innovation and capital accumulation.