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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.
The latest installment in the Understanding Money Mechanics series summarizes the theory of the business cycle originally published in 1912 by Ludwig von Mises and elaborated by Friedrich Hayek.
The quality of the models being used by politicians to set COVID-19 policy is only as good as the data collected. Unfortunately, the data is not very good. Meanwhile, real costs arise from the ruined economy.
Choosing between labor and leisure is not like choosing between apples and oranges. Many people like both kinds of fruit. But labor involves disutility,so a better choice is this: between apples and rotten oranges.
Remember how election day used to be a day of national relief, no matter who won? Regular people were happy that our political warring was over for a while, at least. But we don't live in that country anymore.
For starters, let's have California secede and limit Bernie-style socialism to the new republic. If my predictions ended up being wrong and the state became a paradise, then the rest of the country could quickly follow suit.
