President Woodrow Wilson signed the Federal Reserve Act into law on December 23, 1913.
On November 16, 1914, the twelve Reserve Banks opened for business.
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I've been hearing the phrase "late capitalism" for so long that I'm forced to conclude that the very concept of late cap...
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It is surely true that the price level cannot rise without a corresponding increase in the quantity of money or velocity or use of credit. ...
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As I write this it is mid-October in an even-numbered year. Elections are weeks away. Yesterday, I saw Republican candidates heavily adver...
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Went to Harbor Freight the other day. When I left, there was so much traffic I had to fight my way out of the parking lot -- at one p.m. on ... -
I'm not a fan of "diagrams" in economics, but sometimes... This is a screen capture of slide 36 from a SlideShare presentatio...
2 comments:
OK.
On the Origin and Evolution of the Word Inflation by Michael F. Bryan
Hey. Thanks for the link. Took me a couple days to get to it.
I see your site looks different again! Looks good.
Okay, here we go.
Not sure what was going on between the time you saw my post and the time you sent me the
Michael Bryan link, but:
Bryan is an idiot. He says the "belief" that "resources could be regularly and persistently underemployed" was "given support by the worldwide depression of the time". He says this "challenged the necessary connection between the quantity of money and the general price level."
It was not a "belief" that "resources could be regularly and persistently underemployed". It was a fact. It is a fact.
The guy is an idiot. He sees facts as dismissible if they interfere with theories that he prefers to hold.
This comes to mind, from Paul Samuelson:
"... there is only one valid reality in a given economic situation, however hard it may be to recognize and isolate it. There is not one theory of economics for Republicans and one for Democrats, not one for workers and one for employers."
I worked hard to keep it short.
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