Keynes Said Inflation Fixed the Problems of Sticky Wages. He Was Wrong.
Britain’s economy had been suffering chronic unemployment for a decade prior to 1936. Economic theory as it was then understood clearly showed that the cause of a market surplus was sellers asking a price in excess of what buyers are
Money Supply Growth Dropped in May to a 15-Month Low
Money supply growth slowed again in May, falling for the third month in a row, and to a 15-month low. That is, money supply growth in the US has come down from its unprecedented levels, and if the current trend
From Livestock to Bitcoin: “Legitimacy” and the Evolution of Money
Once a society embraces the division of labor, direct exchange becomes increasingly infeasible. Without money, specialization is constrained; without money, dreams of constructing an advanced society are merely a utopian pipe dream. At its core, money is the lubricant for
North Bengal – a possibility?
Recently, a comment made by a BJP MP from Alipurduar, John Barla, has conjured up a storm in West Bengal. On 13th June, John Barla demanded the formation of a Union Territory in North Bengal. This has, yet again, led
How a Marxist of Twenty-Five Years Became a Misesian Libertarian
In the fall of 2016, I was a left communist. As I will show below, I came to this position after a circuitous tour through numerous sects of Marxism. A year later, I had thoroughly renounced Marxism and embraced the
Why Africa’s Geography Is a Barrier to Growth
Browsing through history, we can identify several examples of states overcoming the hurdles of geography to achieve great feats. Though the plague of an inhospitable geography is not an insurmountable obstacle to development, it remains crucial to understanding disparities in
Steven Phelan on Innovation In Contracting
Entrepreneurs seek to provide markets with new value through innovation wherever they can identify an opportunity. Their vision is broad enough to include free market institutions such as contracting, where they identify new and better ways to expand the mutuality
The Fable of the Cats
The comparison has by now been made so often that it may qualify as a platitude. I mean that between stablecoin issuers and "wildcat" banks, the fly-by-night scams that supposedly flooded the antebellum United States with notes nominally worth some
Biden’s Economic Team Predicts Long-Term Slow Growth
What is noteworthy about the depressing title to this article is its source. In a case of uncommon candor, President Biden’s economic team has announced that once the artificially high, stimulus-juiced GDP (gross domestic product) measurements of the next two years subside,
The Tacit Third Wave
The turn of this decade was the worst of times, as COVID-19 was declared as a global pandemic by the World Health Organization. It forced countries into lockdowns, pushed healthcare systems beyond their limits, and tested our ability to withstand