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You haven't followed my argument very carefully. I acknowledge in the first part the increased spending on the part of recipients of new bank loans. But if these were made possible by someone's choosing to refrain from buying some other asset...
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AustrianAntitheist: Could an influx of new gold cause a business cycle under a 100% gold coin standard? The short answer is no. The long answer is as follows: Any influx of new money will initially create some distortions in relative prices, so in theory...
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The argument doesn't make any economic sense. Money itself is only valuable due to its purchasing power of real goods. People don't work for money but for the stuff that money can buy. Therefore, it is precisely because the market is producing...
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Rothbard argued, “A and B decide to pay for the building of a dam for their uses; C benefits though he did notpay. A and B educate themselves at their expense and C benefits by being able to deal with educated people, etc. This is the problem of...