Inflation not only debases currency, but damages the family institution, eroding the quantity and quality of marriages while creating distortions in the decision-making processes of those hoping to establish families.
As the government continues to pile up trillion dollar deficits, when interest rates return to a historical norm, interest payments on the national debt may exceed payments to Social Security recipients.
Noah Smith's Bloomberg column praises Milton Friedman's "plucking model" of recessions, where the severity of a bust is connected to the strength of the following recovery. Does this refute Mises' BOOM-BUST theory?
Middle-income households and workers haven't been disappearing. They've been moving into higher income levels, while the lowest-income groups have been getting smaller. But another recession could erase many of the gains made over 20 years.