‘Political economists say that capital sets towards the most profitable trades, and that it rapidly leaves the less profitable and non-paying trades. But in ordinary countries this is a slow process, and some persons who want to have an ocular demonstration of abstract truths have been inclined to doubt it because they could not see […]Read more "On Lombard Street – Part II"
‘But I maintain that the Money Market is as concrete and real as anything else; that it can be described in plain words; that it is the writer’s fault if what he says is not clear.’ ‘The briefest and truest way of describing Lombard Street is to say that it is by far the greatest […]Read more "On Lombard Street – Part I"
By Brandon Mitchell Alex Estorick, an intern at ConservativeHome, has commented on top end marginal tax rates and an old New Zealand Labour party proposal to cap the amount of income tax any given individual was expected to pay. It was difficult not to notice a slight mismatch between the rationale for supporting such a […]Read more "Capping Taxes or Capping Revenue?"
By Brandon Mitchell Annette Poulson has written a survey of literature on how corporations choose to finance. The following are some comments on that essay. We are all familiar with the variety of motivations for taking on personal debt whether it be to facilitate consumption (credit cards) or to leverage cash flow for investment (home […]Read more "On Corporate Financing"
In his article What is Austrian Economics, Matt Yglesias recognizes the growing strength of Austrian economics on the political environment as exemplified by Ron Paul’s recent 2nd place finish in New Hampshire. After providing a brief history of Austrian economics and recounting some feuds between libertarian economists, he criticizes aspects of Austrian economic theory, condemning it as extreme, outlandish, […]Read more "We Can All Be Austrians Now"
What is money? People encounter so many different measures of money supply, with esoteric designations like M0, MB, M1, M2, M3, and MZM, that difficulty inevitably arises when trying to understand just what exactly constitutes this ubiquitous, yet ill-defined facet of life. When considering such a question as ‘what makes something what it is,’ functional […]Read more "A Primer On Money – Part I"
All these evils caused by the depreciation of the money in circulation are most afflicting; but there is another evil, far more deadly, that this depreciation has engendered and which will spread more and more: that is, the moral depravity of the population and abandon of every principle of equity. Truly, the discredit of the […]Read more "Money and Morality"