The Roots Of Financial Nihilism
When the capital development of a country becomes a by-product of the activities of a casino the job is likely to be ill done – John Maynard Keynes There can be few fields of human endeavor in which history counts…
The Foundations of the Market: A Review of Ropke’s A Humane Economy
Wilhelm Ropke (1899-1966) is a legendary and unfairly forgotten economist and his book A Humane Economy (1958) is literally the best book on economics I have ever read. Influenced by Ludwig von Mises as a young man, Ropke went beyond…
DE: Farming Is Fundamental
While I was waxing lyrical about the app economy yesterday afternoon, I did include the caveat that these companies won’t come to the forefront until the current macro clouds blow over. In addition, the app economy depends on a sound…
Interpreting TGT Versus WMT Earnings
Just a day after blowout earnings from Walmart (WMT), Target (TGT) laid an egg with its own 3Q22 earnings report this morning. While WMT raised its full year comparable sales guidance TGT cited a “meaningful softening” of business in the…
The CPI Is A Construct
When people talk of a “price level” they have in mind the image of a level of a liquid which goes up or down according to the increase or decrease in its quantity, but which, like a liquid in a…
Monetary Policy Is On A Preset Course For The Next Two Meetings; Is Powell Volcker 2.0?
For many years, in its statement the Fed insisted that monetary policy was NOT on a preset course but would instead be data dependent. At the moment, however, monetary policy IS on a preset course. The Fed will raise 50…
The Failure Of Post Modern Economics
Post Modernism in philosophy can best be defined as the rejection of an objective reality. The argument is that human thought is inherently subjective and there is no objective arbiter of truth. Therefore, there is only the clash of opinions….
Post Modern Economics: Modern Monetary Theory (MMT) And The Flight From Reality
MMT’s ideas have insinuated themselves deep into government, central banking and even Wall Street – “Modern Monetary Theory Isn’t The Future. It’s Here Now” [SUBCRIPTION REQUIRED], James Mackintosh, The Wall Street Journal, November 22 The current fad in economics is…
The Inflation Question
I went to one who had the reputation of wisdom, and observed to him – his name I need not mention; he was a politician whom I selected for examination – and the result was as follows: When I began to talk with…
Economic Growth, QE Infinity and The Great Disconnect
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