For families and friends gathering for Thanksgiving this year, many will assemble in a room called the "dining room." This is a modern luxury made possible by the bourgeois merchants of old.
Free-market production, albeit imperfect, is driven by entrepreneurs seeking to profit from serving consumers. Government regulations sever this link to consumers wants.
Many investors forget that when the easy money is flowing, financial mediocrities and even outright frauds can be made to look like legitimate geniuses.
Value is a moving target because consumers want change over time and innovations and new opportunities. The constant adjustments mean the market is best understood as a process.
Governments can conjure up money at the printing press—with predictable results. But anyone wanting a Lamborghini will have to produce real wealth to purchase it.
The Soviet regime relentlessly expanded the money supply. To prevent inflation, the regime then created shortages through price controls and economic stagnation.
