To go along with the previous post which points out that Total Factor Productivity growth has decreased in the era of pure fiat money, here is a reminder: Low productivity is bad.
Tuesday, February 1st, 2011
Friday, October 22nd, 2010
Friday, September 10th, 2010
Earlier this summer George Soros and some leading Keynesian economists criticized what they regarded as Germany's overly strict fiscal discipline. Yet Germany's real output expanded at a robust 9% annual rate in the second quarter, while the U.S. economy grew at an anemic 1.6% rate.
Wednesday, July 14th, 2010
"When a little over two years ago, at the second Lausanne Conference of this group, I threw out, almost as a sort of bitter joke, that there was no hope of ever again having decent money, unless we took from government the monopoly of issuing money and handed it over to private industry, I took it o
Wednesday, April 21st, 2010
"Money is the most important commodity in an economic system Indeed, money 'makes the world go 'round.' This is because money is the general medium of exchange. We sell our products and services for money, and then use it to buy the products and services of others.
Wednesday, March 10th, 2010
"Let me say first that I believe in the benefits conferred by the free market as strongly as anybody in this country: nobody, anywhere, has yet devised a way of organising economic activity which comes close to the free market as a way of efficiently producing the goods and services which people wan
Monday, June 9th, 1997
Research Reports - 1997, Issue: 11
Whither Exchange Rates?