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Philosophy and MethodologyPraxeology
Mises's Human Action is essential reading for any aspiring economist. But there can also be some pitfalls if we read it too casually.
Monetary PolicyProduction Theory
The heart of economic growth is the expansion of real savings. Monetary pumping only destroys wealth and savings.
Other Schools of ThoughtPhilosophy and Methodology
"History cannot teach us any general rule, principle, or law. There is no means to abstract from a historical experience a posteriori any theories or theorems concerning human conduct and policies."
The real problem with inflation, properly understood is that it is essentially a wealth transfer away from the most productive parts of the economy. This causes bubbles and economic fragility.
SocialismPhilosophy and Methodology
The weird thing about dialectical materialism is that Marx seems to have cobbled it together from two philosophies that contradicted each other.
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.