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Thanks for your help Sam. I sent you email.
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Isn’t there a need for a higher degree of specificity in the data for the case of an increased demand for cash holdings? Based on the savings rate remaining constant, won’t the economic structure settle back towards an ERE position where there is a uniform savings/consumption rate? And so, isn’t the result an economy much the same
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Not sure if this belongs here, as the Pure Theory of Capital is definately not for a beginner, but in the economics questions section there seem to be few questions regarding works. So given the foregoing I thought I'd err on the side of caution and post here. I'm working on the introductory section of this book and Hayek's description in
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[quote user="Stranger"] [quote user="GilesStratton"] [quote user="Knight_of_BAAWA"] Yes. [/quote] But how does my arguing show anything other than control over my own body, which is different from ownership of. [/quote] Arguing shows that you allow your interlocutor control over his body, otherwise he could not participate
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[quote user="Maxliberty"] If the bank is actually giving out the gold when it is loaned then there are not claims of 190 ounces only 100. If the bank is giving out bank notes when it says it is loaning the gold then you have 190 ounces of claims but that doesn't result in any inherent insolvency. Deposit of 100 ounces. 10 ounces on reserve
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[quote user="Brainpolice"] Sorry, it was Giles who initially started playing semantics. Nothing about what I'm saying is inconsistant with the economics literature at this site, and your condescention is uncalled for. I am not equivocating, you are misrepresenting the argument. I never stated that technology is always capital. My point
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[quote user="Brainpolice"] Again, you're playing semantics. I'm not talking about your idea to use a stick to push berries out of a tree. I'm talking about the stick itself - which is a capital good precisely because of its function of pushing berries out of the tree, according to Rothbard himself from the stick example you are
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[quote user="Brainpolice"] [quote user="GilesStratton"] [quote user="Brainpolice"]Technology IS capital.[/quote] No, it's not. [/quote] Yes, it is. [/quote] Technology, ideas, recipes, are not capital goods, because they are not goods, nor are they capital because capital refers either to capital goods, or the monetary
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Wages are prices. And the relation of price inflation (sic) to wages is easily understood. The receivers of new money must employ more and new factors to expand their production. And these factors, previously employed or not, must be drawn away from their current employment (or unemployment) only by offering more than what the prevailing rates are.
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[quote user="GilesStratton"] Fractional reserve banking is so profitable that the bankers that engage in it just use the government to enforce it for the good of those that might otherwise be tempted to engage in full reserve banking. [/quote] I've also long thought this is the case. Hayek also briefly touches on it in his "Monetary