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Tag Archives: hyperinflation

Things fall apart; the centre cannot hold … A post somewhat about China

Historically, taxing land (rents) and trade have been the dominant income sources of rulerships not reliant on labour service (not to be confused with taxes on labour income, which have a different dynamic).* Trade was a particularly attractive source of income because it often involved taxing outsiders. But trade was also mobile–too much tax for […]

Value and ambit

ADDENDA: I have added in three extra paragraphs, because I came to realise a key part of the argument, and a key relevant distinction, was missing. ADDENDA II: My thinking on these issues is a work in progress, and I would put the transaction utility point somewhat differently now. As economist Frank Mehrling has observed (pdf): […]

Government: the good, the bad and the appalling

Conservative humourist P J O’Rourke once observed, after flying over West and East Germany, that one should probably try to avoid public policy mistakes you can see from 20,000 feet up. Then there are public policy mistakes one can see from orbit. The two Germanys and the two Koreas constituted natural public policy experiments. Take […]

Broken by the fix

What do the goldzone Great Depression (1929-3?) and the Eurozone Great Recession (2008-?) have in common? They were both created by European central banks with the US Federal Reserve (the Fed) as accessory during and after the fact. (Yes, the monetary shock which set off the Great Recession started in Europe though the responsibility of the […]

There is no such thing as just money

I have been doing a fair bit of reading in the history of money and monetary theory to try and understand money, particularly its origin and use. A thing reveals its nature through history, to understand the history of something is to much better understand it. I was aware that modern macroeconomics is bedevilled by […]