Other Schools of Thought

Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.

"History cannot teach us any general rule, principle, or law. There is no means to abstract from a historical experience a posteriori any theories or theorems concerning human conduct and policies."

Published here for the first time is Rothbard's note on the economics of antebellum slavery. Mark Thornton comments on the paper, which criticizes the method of the New Economic History.

Price inflation is so difficult to predict, because there are so many moving parts: money supply, demand, money velocity, and supply of goods and services.

Price inflation is so difficult to predict, because there are so many moving parts: money supply, demand, money velocity, and supply of goods and services.

In theory, it is possible to adjust inflation measures to account for the many constant changes in prices resulting from changing demand, quality, and innovations. But it's essentially impossible to execute these adjustments accurately.

In theory, it is possible to adjust inflation measures to account for the many constant changes in prices resulting from changing demand, quality, and innovations. But it's essentially impossible to execute these adjustments accurately.

Paul Krugman is now claiming that reopening the economy and allowing people to go to work almost surely will cause a depression.

Paul Krugman is now claiming that reopening the economy and allowing people to go to work almost surely will cause a depression.

Governments can increase GDP numbers simply by spending more, and this can reduce debt as a percentage of GDP. But what if we calculate GDP using only private spending?