Tuesday, April 26, 2011
My Latest Op-ed at Mises.org
the first time, Mises.org ran my article "Money Can't Buy You Prosperity." My main point is that while the monetary inflation pursued by the Fed since 2008 has brought about changes in macroeconomic statistics as well as the unemployment rate, these changes do not reflect a positive change in the economy. True economic prosperity is the product of the extension of the division of labor as well capital accumulation funded by voluntary saving. Increasing the money supply does not foster either of these. In fact it hampers both. Therefore money (meaning inflated fiat government dollars) cannot buy prosperity.