A couple of quotes from De Soto, pp 456-474. From “Effects the business cycle exerts on the banking sector”: Hence we can conclude that an inherent trend in the privileged exercise of fractional-reserve banking leads to bank consolidation and encourages bankers to develop and maintain close relations with the central […]
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Are you an Austrian?
Economics is not a natural science. Unlike physics, you cannot reliably say things like: For a fixed amount of an ideal gas kept at a fixed temperature, P [pressure] and V [volume] are inversely proportional. (That is, halve the volume and the pressure will double.) Unfortunately, many economists and other […]
Read MoreThe Russian Social Democrats
It was not without reason that the Russian Social Democrats, better known to history as the Bolsheviks, decided in November 1917 to call themselves “Communists”. And so “The Black Book of Communism” is proving an interesting read: But socialist revolution for Marx was not just a matter of economic development; […]
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