Introduction Among the things that irk me these days are these yuppie urban planning folk. It's not to say they don't have fair and reasoned points at times, but the more radical of them espouse the economic and environmental benefits of 'abolishing' the suburb and the automobile. I find such a position incorrect and worth … Continue reading Automobiles Are Superior To Public Transit and It’s Not Even Close
There's a minor debate always ongoing about how we ought to tax income from capital gains, which is at present taxed separately from ordinary income, at preferential rates. There have been many proposals, such as eliminating the preferential rates or taxing gains on a mark-to-market basis, which is tricky since share prices tend to fluctuate … Continue reading Retrospectively Calculated Capital Gains Tax
Kitchin cycle. Juglar cycle. Kondratiev wave. Boom-bust. A whole bunch of malarkey. I don’t think recessions are nowadays really the result of ‘cycles,’ which is a term that sort of implies they are part of some natural order of things, like moon phases or the seasons. I think recessions are like ice ages. They are … Continue reading The Evolution of the Business Cycle
Many people are accustomed to the idea that banks magically print money and cause inflation. People wonder, "Hey, why can't I do that?" Well, the answer is you can't because nobody can, not even commercial banks. In a fractional reserve banking system like the one we have, commercial banks can only lend an amount equal … Continue reading Fractional Reserve Banking 101
