Banking came up with its own methods of inflating the supply of legal tender-fiat money, fractional reserve lending. A bank comes to know (a version of the dispersal of knowledge of the market) how much [more…]
Prior to written documents being exchanged as representations of mutually agreed perceived value, the concept of money arose amongst multiple trading groups. This may have taken place prior to the credit/debit system as a substitute [more…]
Having been born into and grown up within the never-ending promise of prosperity guaranteed by Keynes’s gospel that saved us all from the purgatory of the Depression, I like others only began to see a [more…]
Shortly before the Chancellor’s Spring Statement, BBC2’s “Newsnight” featured Kirsty Wark interviewing two economic experts, one Conservative, one Labour. She asked each of them to describe the measures they would recommend to the Chancellor, Rishi [more…]
Government economic policy is completely backwards. We are told that massive deficit spending, interest rates driven to zero, and now higher taxes on the “rich” will bring the American economy out of the doldrums or [more…]
Do not believe government pronouncements that the economy is rebounding from very minimal damage caused by unprecedented Covid-19 inspired closures of businesses or that the damage was very mild anyway. Government will use it favourite [more…]
Every primer on economics cites the familiar factors of production, land, labour and capital, as prerequisites for productive activity. Sometimes entrepreneurship is added to represent the gifted brain who brings the other three together in [more…]
Britain’s Keynesian press & public service broadcasters view President Roosevelt’s New Deal as something to ‘put on a pedestal’ (Guardian June27). Sadly the New Deal has gone into main stream academic & political economic archives [more…]
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