Did Phelps Really Explain Stagflation?
Both Phelps and another Nobel Laureate Milton Friedman have introduced more confusion rather than clarity regarding the explanation of the phenomenon of stagflation.
Financial Markets
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Money and the Stock Market: What is the Relation?
In this article we have shown that causality cannot be established by statistical means without a coherent definition of what money is and how it is related to the prices of financial assets. Contrary to various experts who dismiss the importance of money in driving the stock prices, we have shown that this dismissal is based on a wrongheaded framework of thinking.
Artifacts of Financial Engineering
In other words, in seeking to boost sales by exploiting the possibilities of modern finance (in a perfectly legal manner), GMAC and Ford Motor Credit, GE and John Deere (among countless others) may have misled our preening, erstwhile Maestro into financing the whole wasteful bubble of the late 1990s!
Translating Brazillian Inflation
Danilo Nogueira provides a brief history of the Brazilian inflation in The Language of Inflation
What Does the High Price of Gold Mean?
Gold is not money, writes Sean Corrigan, and this is one reason we are on a path where genuine entrepreneurialism and the creation of real wealth are very much hampered.
The Production of Security
Molinari’s article is the first presentation anywhere in human history of what is now called “anarchocapitalism.”
