Regardless of what happens to raw commodity prices, prices of finished goods and services will only rise if there is consumer demand at those prices. Inflationists never seem to remember this simple economic fact of life.
Whatever crosses my mind.
Regardless of what happens to raw commodity prices, prices of finished goods and services will only rise if there is consumer demand at those prices. Inflationists never seem to remember this simple economic fact of life.
My reading on past financial crises, at least in the US, indicates that when the whole system comes crashing down, the legal systems surrounding debt and property rights always turn out to be inadequate to the new problems. They are partially repaired by changing the law, but a lot of the issues only end up getting resolved through litigation, as is already happening with the foreclosure mess. That’s slow and painful, but unfortunately also necessary; it’s how our system clarifies what the law means.
What’s a “Libertarian Solution” to the Foreclosure Mess? - Megan McArdle - Business - The Atlantic
This is what happens when quill and parchment meet the Internet.
Any intelligent person in the United States understands the sovereign debt crisis is coming to America if the Administration and Congress do not address the country’s structural fiscal deficit and debt overhang, and does so quickly. In fact, this was one of, if not, the message of the November election.
My Web Properties
They Just Can't Help Themselves
Most reaction to the Tuscon shooting has not been overly thoughtful. Based on what’s been reported, it seems doubtful that political rhetoric of any sort played much of a role. Even if the truth emerges differently, it’s certainly premature to draw conclusions about cause and effect. My experience is that you make better decisions when in possession of the facts.Still, the discussion about toning down political rhetoric is an interesting one. Power Line put it’s finger on the heart of the problem: many are guilty of attacking people instead of the policies people support. I thought this was very high minded. Unfortunately, they conclude by writing:
The left invariably prefers reckless personal attacks intended to discredit those with whom they disagree to sober discussion of areas of substantive disagreement.Maybe partisans just can’t help themselves.
Maps: Google vs Bing
Against Gradualism
Like the majority of Americans, I think that government needs to be trimmed and scaled back. Yet I’ve always seen this as something that needs to be done gradually, mainly because people have planned their lives around the status quo and you shouldn’t yank the rug out from under them. But David Henderson makes a contrary argument. While the scope of government increases over time (Higgs’ Rachet Effect), it’s hard to see how it could operate in reverse. Any reduction in government spending, however it’s done, will have motivated special interest opponents. Any attempt to “ratchet down” will be countered by arguments to subsequently “ratchet up”. Perhaps I’ve been wrong to favor gradualism.
