Mises Wire

"Saving lives versus saving money" comparisons confuse ends with means. The end of saving the economy is not to have more money. The end is to have resources necessary to preserve the lives and health of countless human beings.

It is tempting to assume both money supply inflation and price inflation will come soon as the central banks pump new money. But if banks aren't lending because the economy is in disarray, the money supply may actually shrink, and prices may even fall.

Entrepreneurs can offer new ways of serving established markets, but large institutions will keep with what has worked in the past so long as it just continues to work in the present. Radical change happens only in an emergency. For the British university that time has now arrived.