Below is a quote from Paul Krugman’s blog yesterday:
“All around, right now, there are people declaring that our best days are behind us, that the economy has suffered a general loss of dynamism, that it’s unrealistic to expect a quick return to anything like full employment. There were people saying the same thing in…
The fallacy of the minimum wage has reared it’s ugly head yet again!
Progressive political blog Think Progress announced on Wednesday that San Francisco will be the first US city to have a minimum wage above $10. Citing the Economic Policy Institute, they wrote:
There are eight states that have legislated annual, inflation-linked increases in…
Leave it to Paul Krugman to try and invalidate Austrian economic theory with a measly 3-year inflation figure:
“Austrians…were sure about what would happen as a result: There would be devastating inflation. One popular Austrian commentator who advised (Ron) Paul, Peter Schiff, even warned…of the possibility of Zimbabwe-style hyperinflation in the near future.
“So here…
Economics is the most misunderstood of the sciences.
Perhaps because of the immense power the economist wields in the modern era of big government, the principles of economics have been abused and manipulated. To accurately portray economic truth to the public is self-defeating for those with political power, as they almost always work against the…
