Tag: "Ludwig von Mises"
The Trouble with Inflation25th February 2013
My Economics tutor’s favourite saying was “Inflation is the greatest social evil”. But when we talk about inflation, what do we really mean, and what do we really understand? What is inflation? We’ve been groomed to understand that inflation is the published measure of RPI or CPI. No, this is not inflation, but rising prices. These price rises are a consequence of inflation, which properly defined is an increase in the money supply. Changes in the quantity of money in existence
Lemmings and the Cliff: The false obsession with GDP8th January 2013
What a start to 2013! In the United States days were extended to fit political need, so that those looking to “sustain growth” could rejoice in the half-baked fiscal fudge that’ll last for a couple of months at best. In the UK doomsters have proclaimed that weakness in the service sector will undoubtedly lead to a “triple-dip” recession. Just think how many months of joy the media will have speculating and almost celebrating if that comes to pass! Governments and established media