The Fed's suppression of interest rates in the USA didn't just affect this nation's economy. It also drove investors to seek higher interest rates in questionable investments.
This is bad news for the administration, which has repeatedly attempted to downplay the relentless increases to the cost of living being inflicted on Americans after years of deficit spending, fueling inflationary monetary policy.
While African nations often are famous for corruption, poverty, and inflation, there is a way to bring dramatic changes to African economies: a gold-based currency.
While historians paint the enclosure movement in negative terms, it actually played an important role in developing agricultural entrepreneurship.
Paul Krugman recently argued that the Federal Reserve can engineer a "soft landing" for the economy as it tries to deal with inflation. Such a view ignores economic realities.
Even as population has grown, increasing the intensive margin for agriculture has led to increased food production. This may not necessarily be a good thing.
Typical teaching on stock prices says they are little more than a random walk. But people's purposeful actions are behind every economic transactions.
Monarchs created Europe's modern states but lost the ability to control them. Then, having grown beyond the tools that helped monarchs turn themselves into absolute rulers, "the state acquired a life of its own."
Logical positivism holds that theory is irrelevant to the empirical results. It is the other way around; One cannot understand or interpret economic data until one has a working economic theory in place.
David Gordon continues his critical look at Jedediah Purdy's book, Two Cheers for Politics.
