Importance of a theory in economics
byIt is a common belief that sound economics must be based on facts and not on theoretical reasoning as such. Some commentators are…
Three little words
by“As I’ve written in past memos, I have an indelible recollection of the first book I read as a Wharton freshman in 1963. The…
Nozick on Time Preference
byI’d like to discuss some of Nozick’s comments on time preference in his paper “On Austrian Methodology,” but there is an obstacle to doing…
Unintended consequences of monetary inflation
by“In short, the Fed is committed to rescue businesses from the greatest economic catastrophe since the great depression and probably even greater than that,…
The essence of inflation
byThe popular definition cannot explain why inflation is bad According to the popular way of thinking, inflation is defined as a general increase…
There Will Be No Recovery Without Production
byThrough most of the coronavirus crisis, those who have made the case for stay-at-home, reduce or stop work, and narrow the range of retail…
To make banks strong, do away with the regulator
byAs the UK economy enters the COVID-19 downturn, the Bank of England (BoE) continues to maintain that the UK banks are strongly capitalised. The…
How to maintain a bull market after coronavirus
byEveryone thinks they know the cause and effect of the Federal Reserve’s response to crises such as 2008 and 2020. The Fed prints money to buy…
An “Austrian” Agenda for Post-Coronavirus Recovery
byEveryone is hoping for the light at the end of the tunnel with the coronavirus crisis. There are few who are not exhausted with…
Chinese Debt Could Cause Emerging Markets to Implode
byBy Benn Steil and Benjamin Della Rocca in Foreign Affairs (https://www.foreignaffairs.com/articles/east-asia/2020-04-27/chinese-debt-could-cause-emerging-markets-implode) The novel coronavirus has brought the world economy to a grinding halt. Global…