Three little words
“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…
Read MoreEconomics
Nozick on Time Preference
I’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…
Read MoreUnintended consequences of monetary inflation
“In short, the Fed is committed to rescue businesses from the greatest economic catastrophe since the great depression and probably even greater than that,…
Read MoreThe essence of inflation
The popular definition cannot explain why inflation is bad According to the popular way of thinking, inflation is defined as a general increase…
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There Will Be No Recovery Without Production
Through 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…
Read MoreTo make banks strong, do away with the regulator
As the UK economy enters the COVID-19 downturn, the Bank of England (BoE) continues to maintain that the UK banks are strongly capitalised. The…
Read MoreHow to maintain a bull market after coronavirus
Everyone 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…
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An “Austrian” Agenda for Post-Coronavirus Recovery
Everyone is hoping for the light at the end of the tunnel with the coronavirus crisis. There are few who are not exhausted with…
Read MoreChinese Debt Could Cause Emerging Markets to Implode
By 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…
Read MoreSupply, demand and prices
Here is a typical statement regarding supply and demand: “if the demand for any product increases, given the existing supply, the price of that product…
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