The myth that markets cause more inequality than controlled economies continues to endure. But the data showing that markets and industrialization make millions better off than other economic systems continues to pile up.
The "true money supply" developed by Rothbard and Salerno points toward declining growth rates in money since 2011.
In the United States, both major parties are very fond of using the power of government to prohibit voluntary transactions among consenting adults. They merely disagree on which things to ban under pain of arrest and imprisonment.
Following Supreme Court decisions, commentators often claim that a law is now "settled public policy." This is a tactic to silence dissent, and draws on fanciful ideas about the permanence of federal law. In real life, no political question is ever settled.
Stock market corrections are by definition deflationary events. The financial press seem to understand this. They’ve even started referring to “bubbles” once again with regard to recent shocks in US and Chinese stock markets. But they never explain what caused the rapid inflationary rise in equity prices to begin with. Somehow this is a mystery, since many economists insist that QE doesn't cause inflation.
China has recently devalued its currency. Like many governments, the Chinese government thinks this will help the economy by increasing exports. But it will really just destroy real wealth in the process.
A selection from Chapter 42 of Economic Controversies.
