Tag Archives: Say’s Law

The real convenience of money

I recently read Adam Fergusson’s history of the early 1920s hyperinflation in Weimar Germany–which also covers contemporary hyperinflations of Austria and Hungary. (Well-spotted if you noticed that they were the losing Powers of the Dynasts’ War–aka WWI; this was not a coincidence.) One of the striking things about the period is how misguided conventional wisdom […]

Corrupting risk on top of the surplus pyramid

In a real sense, human history starts with the creation of a social surplus, a surplus beyond simple subsistence. Such a surplus could be used for–indeed, was required to–build more complex societies. This included the literal building of the monumental architecture, the most striking creations from the existence of such surpluses. More food, more babies Merely increasing production does […]

Some Thoughts on Lorenzo on Austrian Economics (guest post by Steven Horwitz)

This is a guest post by Steven Horwitz which was originally posted at Critical Thinking Applied but which Dr Horwitz has kindly agreed to be also posted here. Dr. Horwitz is the Charles A. Dana Professor of Economics at St. Lawrence University in Canton, NY. He is the author of two books, Microfoundations and Macroeconomics: An Austrian Perspective (Routledge, 2000) and Monetary […]