How do we determine the value of things? Aristotle had asked a question that remained unanswered through centuries: Why water that is vital for all life is […]
We often hear in the mainstream media that inflation is desirable, that it’s positive for the economy. Central banks are not happy when inflation doesn’t reach the […]
Wealth is created through self-sacrifice and taking risks. Imagine a world in which suddenly all the tools disappear. All buildings, cars and machinery or even basic tools […]
If people only had high time preference, we would probably still be in the Stone Age. Increases in production are only possible through saving and capital formation. […]
In a very simple economy, with very few goods, people can barter. But when the economy grows, barter trade becomes ineffective. Let me explain this with the […]
