The First Economics Lesson
Economics is haunted by more fallacies than any other study known to man. This is no accident.
Economics is haunted by more fallacies than any other study known to man. This is no accident.
Suppose some people don't like the services furnished by a "minimal state." Don't these people have the right to establish their own services to compete with the minimal state?
Central bankers are being disingenuous when they insist that rising prices are a temporary phenomenon.
We will win. But how long will it take, and at what price victory?
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In order to demand goods and services individuals must produce something useful first. Hence, supply drives demand and not the other way around.
The original "leftists" wanted to abolish government regulation and controls. The rightists were the old control-freak authoritarians. But then the Jacobins hijacked the Left.
Economic depressions are not caused by a strong decline in the money stock, but by a depleted stock of real savings.
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The new "gold-exchange standard" of the 1920s was a new concoction of the world's regimes after the Great War. It certainly wasn't a true gold standard.