The economy is not primarily about the adjustment of capital investment across industries and firms, but about the determination of which industries and types of production will exist—and who will be involved in this future production.
In terms of economics, what currently is should be of very little importance: what matters, and that we should seek to understand, is the process that brought it about and that will create what will be in its place.
The psychological impact of a lifetime within a fiat money economy cannot be underestimated. With more wealth seemingly available at the click of a computer button, refusal to spend more on government programs must stem only from cruelty and greed.
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.
EU politicians and technocrats like to present themselves as progressive and enlightened policymakers. But that virtuous mask slipped after German auto giant Volkswagen announced that its new facility would be located in Turkey instead of an EU member nation.