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InflationMonetary PolicyProduction Theory
Central banks have decided that one of their main missions is to prevent deflation. But this only ends up causing the malinvestments that lead to economic busts.
Booms and BustsInflationMonetary Policy
After 2018, the US economy was already headed toward a recession. But bailouts and lockdowns have made things even worse.
Money really does buy happiness—up to a point. But at all income levels, happiness is very, very subjective.
Determining which businesses shall be open and how many people shall be allowed to gather is just another form of central planning. And central planning schemes have never ended well.
While the Left has agitated for more government spying and harsher "lockdowns," Brazil's president—perhaps fearing economic implosion—has been reluctant to crack down.
Booms and BustsInflationFinancial Markets
In this crisis the money supply has already increased far more than during the last crisis. But it's hard to say when this will produce inflation because we're still in the midst of a demand shock and a collapse in oil prices.
Production TheoryValue and Exchange
Prices and purchasing power are determined by how individual consumers value goods and services. The "velocity of money" won't help us understand prices or the money supply.
When it comes to understanding business cycles, Austrian school scholars stand on firm ground while critic John Tamny is all at sea.