Why banks are not lenders as such?
byAccording to the popular way of thinking the subject matter of lending is banking activity. It is banks, so it is held that…
Happy 90th Birthday, Professor Israel Kirzner!
byEven in an era when modern medicine and technologies are adding to people’s lifetimes, along with the gains in general human economic betterment, it…
Get to the chopper !
by“‘Get to da choppa !’ “Short for the whole phrase that Dutch (played by Arnold Schwarzenegger) says in the movie Predator, which goes: “RUN!…
Central banks have done nothing to put an end to the boom-and-bust cycle
byAt the 2020 World Economic Forum in Davos, Bob Prince, co-chief investment officer at Bridgewater Associates, attracted attention when he suggested in a news…
When the facts change
byThe coronavirus is a human tragedy, but the markets remain sanguine A slowing of global growth is already factored into market expectations Further…
Why US productivity data is questionable
byAccording to the US Labor Department, workers productivity in the non-farm sector increased at an annual rate of 1.4% in the fourth quarter…
Expectations and economic growth
byIn various writings, Milton Friedman argued that there is a variable lag between changes in money supply and its effect on real output…
Guest Post: Growing up is the journey from fairness to freedom
byWe grow up in the family. We expect fairness from our parents. Fairness in the family means equality, tempered by some measure of “to…
Estimating the shape of the coming crisis
byWith a recession become increasingly certain and the end of the expansionary phase of the credit cycle in sight, we can expect a periodic…
The Theory and Brief History of Money and Banking
by[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] The…