In an earlier post, I described a contradiction between popular economic theory and statistical data. In this post, I will describe true premises upon which we can develop more accurate theories.
Introduction The fact that we perpetuate false or inaccurate theories causes at least one problem for understanding money and its role. For years economic classes have taught that the Federal Reserve
Introduction In 1831 Alexis de Tocqueville, along with his companion Gustave de Beaumont, traveled from France to the United States for — ironically — studying the U.S. prison system. Democracy
Introduction “Climate change” represents the crisis de jure. We have no choice but to accept that human activity has created a crisis level of change in the climate of the world. To deal with
Principles play a critical role in the development of any theory. Including economic theory. Definition Principle: “A fundamental truth or proposition that serves as the foundation for a system of
In addition to the topics raised in the last post, we will discuss the following topics on the way to a fuller understanding of the importance and function of money. Monetary Systems We will examine
The ubiquity of money in market transactions means that a precise understanding of market activity requires a precise understanding of money. Money Matters will expand the understanding of money and
Commenting on The Green New Deal would waste my time, except for the attention some influential people have given it. It would, if passed, lead to a life of misery that would make catastrophic
Even if you’re willing to ignore the economic costs, socialism brings a political cost most people — particularly in America — would find unacceptable. Socialism eventually leads to the loss of
Socialists show reluctance to accept deferred payment or agree to absorb any losses. Even before they face those issues, how can they establish what portion of revenues they actually deserve? They