"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists."- Ernest Hemingway, "Notes on the Next War", Esquire, Sept. 1935. Quoted by Robert J. Gordon.
Monday, September 8, 2025
Hemingway
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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...
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