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Production TheoryValue and Exchange
Prices and purchasing power are determined by how individual consumers value goods and services. The "velocity of money" won't help us understand prices or the money supply.
When it comes to understanding business cycles, Austrian school scholars stand on firm ground while critic John Tamny is all at sea.
Booms and BustsMoney and Banking
The current bust has been made worse by previous periods of easy money, which destroyed the wealth creation that is critical to sustaining a growing economy.
Monetary TheoryMoney and BankingValue and Exchange
Contrary to the popular way of thinking, setting in motion a consumption unbacked by production through monetary pumping will only stifle economic growth.
Booms and BustsMoney and BanksBusiness Cycles
Even if the central bank policymakers could implement policies without error, Milton Friedman’s and Robert Lucas’s monetary schemes could not secure stable economic growth.
Money and Banks
Economic growth comes from the accumulation of real wealth — which is necessary to produce more goods and services.
Money and BanksMoney and Banking
Neither loose monetary policy, nor big-spending fiscal policy can grow an economy. All that these policies can do is to redistribute a given pool of real savings from wealth generators toward non-wealth generating activities.
The introduction of money does not alter the fact that individuals still have to produce something useful in order to secure some other useful goods for themselves.