Since capitalists value everything by the dollar, let’s look at society and civilization in that way. A Small Businessman Example From a BBC article on Trump’s Hispanic voter ‘Doomsday,’ Mr. De La Fuente says, “In my business 30% is owned by the United States government and 10% is owned by the state of California. I…
The fallacy is—assuming that an action helpful for one person is helpful for all people if they perform the same act.
Not stressed enough is the effect the oil price had on economic activity from 1973 to last year. The artificially high price of oil and energy caused GDP growth to be less each year that the economy labored on OPEC-inflated oil costs.
The Fed’s call for 2% inflation is an indication that economists don’t have a complete economic theory that explains both production and price changes. If they did, they would advocate 0% inflation.
The great bulk of real inflation since 2009 has been in the stock market, making people who already own stock wealthier.
We have a nice insight now into how little capitalists value the free market when it conflicts with the status quo. In the past year as OPEC lost control of cartel pricing, the price of oil has fallen from $100/barrel to $50. Do we hear the financial talking heads on MSNBC, CNN, Bloomberg, and other…
I didn’t start with a specific intent to find fault with the economic narrative. On the whole there’s much to admire about the book; nonetheless, the antagonism to the Glass-Steagall Act was striking in revealing Gordon’s short-sightedness. Totally oblivious to the coming financial crisis, with banks taking massive risks with depositors money that the government, not banks, had to guarantee.
Soft sciences deal with human behavior and have value judgments in them. Hard sciences strive to understand the physical world and its phenomena.
The sticker shock you get in the grocery store is apparent inflation. Real inflation occurs when your income can’t buy the same daily goods with your salary or when you have to work longer to earn enough to purchase that market basket.