The common belief is that inflation is the general rise in consumer prices. However, rising prices are a symptom of inflation, which really is expansion of the money supply.
One of the canards of mainstream economics is that only government can provide the "optimum" number of nonrivalrous, or public, goods. Austrian economists have never accepted that theory.
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While supporters of fractional reserve banking claim banks inform depositors that they are really lenders (and banks are borrowers), a survey of the fine print yields says otherwise.
Although there has been excitement and fanfare over the recent BRICS meetings and proclamations, it is doubtful that these economies’ performance can match their rhetoric.
