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Central banks around the world have painted themselves into a corner as of late, as their plans for injecting hundreds of billions of dollars worth of credit into the financial markets butts up against their desire to avoid massive price increases . Rather than take the blame for this predicament, the financial central planners have

[This Study Guide to Human Action , Chapter IX is also available in PDF .] CHAPTER IX. THE ROLE OF IDEAS CHAPTER SUMMARY 1. Human Reason Reason distinguishes man from other animals. All action is preceded by thinking. The reasoning employed may be faulty, but by definition action is the purposeful attempt to remove uneasiness. It is always an

CHAPTER X. EXCHANGE WITHIN SOCIETY CHAPTER SUMMARY 1. Autistic Exchange and Interpersonal Exchange All action is an exchange, of giving up what is less satisfactory for (the actor hopes) what is more satisfactory. Autistic exchange concerns only one actor, while interpersonal exchange involves cooperation between one or more individuals. Although

I have always liked Michael Kinsley, ever since he was the “liberal” on Crossfire . It’s true, sometimes I enjoyed reading or listening to him in the same way I like to play with a canker sore, but nonetheless, I like Kinsley. Far more than other commentators, Kinsley seems to really believe in what he’s writing, and to actually consider the views

CHAPTER XI. VALUATION WITHOUT CALCULATION CHAPTER SUMMARY 1. The Gradation of the Means Acting man values means according to the valuation he places on the ends they can achieve. (An apple seed is valued through consideration of the future apples it can produce for consumption.) The totality of means needed for a given end would possess the same

With day after day of bleak news regarding the credit crunch — and in particular, articles that constantly remind us that the Fed’s recent actions haven’t been tried since the Great Depression — the average American is understandably perplexed. And although what I’m about to admit may not surprise many readers, it nonetheless may worry them

One of the few positive developments from the housing bubble is that many mainstream economists have recognized the pernicious role played by the Federal Reserve. Indeed, some analysts on CNBC have discussed the outright abolition of the Fed . The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession,

Chapter XII. The Sphere of Economic Calculation Chapter Summary 1. The Character of Monetary Entries Economic calculation encompasses everything that trades against money. Despite their apparent precision, most of the entries on balance sheets reflect the speculative anticipation of owners regarding future market conditions. Therefore, there is

Part of the problem with being an economist — besides having to don sunglasses and a fake beard to avoid throngs of adoring fans and marriage proposals when out in public — is that once you think about a particular economic issue in a certain way, it’s virtually impossible to shake that mindset. If some other economist is reaching a different

Over the past few months, I have become increasingly irritated with the confident press claim that recessions lead to lower rates of price inflation. For reasons that I myself do not understand, a recent Wall Street Journal piece pushed me over the edge, and the article you are now reading is the fruit of my frustration. By the end, I hope to