It is private property and market prices or the law of the jungle, and no amount of fashionable cynicism about the market or romantic delusions about how nice life would be without it can obscure this fundamental choice.
Government officials have the incentive and the ability to manipulate economic statistics. The lesson is: don't be fooled by government statistics.
The poor are able to acquire household items that in some cases no one, rich or poor, could have had even a generation ago, and on terms that no one else is willing to extend to them.
I heartily await other fortunes that discuss capital theory, interest rates, the business cycle, and perhaps even price controls.
The various sources of error that come into play in the social sciences suggest that the error in economic observations is substantial. Morgenstern shows that the solution of a system of economic mathematical equations or econometric models is, due to the quality of the data, completely devoid of meaning.
Prices are by definition determined by peoples' buying and selling or abstention from buying and selling.
There is no debate that inflation is always and everywhere a monetary phenomenon. With the Fed's policy of deliberately manufacturing inflation we are playing with fire.
Barter – direct exchange- is inefficient because of the lack of a double coincidence of wants. Some third medium was sought to solve this. It is called money. Exchanges are not equal, they are win-win, with each party gaining more than he is giving or the exchange would not be made.
