Production Theory

From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank

The argument of sticky wages does not justify the existence of a central bank. Market prices, including wages, are flexible enough to smooth out macroeconomic disturbances.

"The quality of a university graduate has been devalued in recent years to the point where an employer will no longer be impressed at all by an undergraduate degree."

Seeing the rise of effective new competition, the older artisans and manufacturers turned to the state apparatus to try to shackle the efficient up

France’s absolutism and strictly enforced mercantilism put it out of the running as a leading nation in industrial or economic growth, despit

In a depression, all prices must be allowed to adjust downward. Wages are no different. First and foremost, the government's artificial wage floor should be removed.

"While it would be more comfortable to get money for nothing, this would not be the wisest long-run policy solution to unemployment."

"Without the capital accumulation of modern capitalism, people would not be living from paycheck to paycheck as workers, but from harvest to harvest as peasants."

In a few short hours, I was assaulted ten times with the demand that I display social consciousness.

"There is of course no point whatever in trying to formulate independent 'laws' for the behavior of two interdependent quantities.