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Now I understand of course supply and demand, and that as an economy is more productive prices decrease. However, will not other prices have to increase as well if the money supply is constant? When talking about rising prices, the argument is that prices cannot all rise (thus causing a net increase...
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My economics professor keeps saying economic growth causes price inflation. Something about this does not make sense to me. If the economy is more productive, then the supply of goods is greater, so would not prices (assuming the money supply is stable) actually drop? He would argue that it is aggregate...
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I was having an argument with someone about the Inheritance Tax. I'll just refer to him as my 'opponent' for this discussion. So my opponent was saying that capitalism ends up not being fair in the long run because when wealthy people die, they pass along their fortune to their kids, who...
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Their subsidization of solar panel production is, believe it or not, has little or no impact on the pace of solar energy research and development. If they subsidized the production of cell phones, new faster, smaller, more reliable cell phones would still be coming out every year. The only difference...
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I understand the need for sound money. That hit me as clear as a punch on the nose, so there’s no need to go into that at all. What I want to do is understand why carefully targeted ‘stimulus spending’ is necessarily bad, both under a gold standard and under fiat money. I’m going...
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I just finished the lecture course by Peter Klein and Joe Salerno, the Causal-Realist Approach to Economics, and the last lecture on banking and the business cycle was very fascinating. However, I was confused when Mr. Salerno said that the costs go up in the capital goods industry. Firstly, bank reserves...
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I have read some works by Milton Friedman, Ludwig Von Mises, Adam Smith, and Ayn Rand; and they all seem to be correct! What are the primary philosophical differences between these individuals, especially Milton Friedman and Ludwig Von Mises. Furthermore, what distinguishes that Austrian School from...
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There seems to be a pervasive belief that technological advances are the key to economic growth. Moreover, many people even believe that the creation of some new wondrous technology might be all that is needed to "save" the economy from the current downturn, and set the world back on a path...
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I am a high school senior and often get into debates with my friends and classmates who have all been under the notion that Bill Clinton is some God of the Economic World who single handidly brought about tremendous economic prosperity during his presidency. I have been trying to research information...