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Text of the page (random words):
onomic education from david hume believed in the miracle of commerce by richard m ebeling my remarks appear on the white background the fee excerpt my response david hume emphasized that commerce and trade were among the most important avenues to offer opportunities to raise people s standards of living and to bring refinement and cultural betterment to a growing portion of a nation s population i accept hume s view that commerce and trade did offer good opportunities for people to improve their living standards in the 1750s when he wrote about it there are still opportunities today commerce also served as an important leveler of the material inequality of a society based on political privilege and government bestowed monopoly through trade a wider variety and quality of goods became available to a growing number of the people in any society fostering the development of a middle class i do not dispute hume s view that commerce played a powerful role in reducing inequality in the 1750s and for many decades thereafter but the us middle class has been shrinking for half a century now at the same time growing wealth among more and more members of society acted as a means to restrain and weaken the arbitrary power of tyrannical governments as a larger percentage of the population had the means to free themselves from government dependency and control the growth and distribution of wealth helped to keep the arbitrary power of tyrannical governments at bay for generations but in our time failing growth and the concentration of wealth have encouraged tyranny and the abuse of power government dependency and control or as hume expressed it in his essay of the refinement in the arts but where luxury nourishes commerce and industry the peasants by a proper cultivation of the land become rich and independent while the tradesmen and merchants acquire a share of the property and draw authority and consideration to that middling rank of men who are the best and firmest basis of public liberty the decline of the middle class the middling rank hume says brings with it the decline of the best and firmest basis of public liberty these submit not to slavery like the peasants from poverty and meanness of spirit and having no hopes of tyrannizing over others like the barons they are not tempted for the sake of that gratification to submit to the tyranny of their sovereign they covet equal laws which may secure their property and preserve them from monarchical as well as aristocratical tyranny that is the best paragraph in the excerpt the best in the post and hume wrote it about us the middle class and those who want to take back our place in the middle class governments and special interest groups hume feared are always want to use and abuse political authority and influence to gain much for themselves at the expense of the ordinary or common members of society and as a society grows in wealth there is more for the government to siphon off through taxes for its own purposes and for interested groups to use the state to plunder and manipulate but with the emergence of a middle class that is increasingly supporting itself through commerce and industry they have the financial means to resist these encroachments by the state or as hume said in his essay of commerce so the luxury of the individuals must diminish the force and check the ambition of the sovereign at october 20 2025 no comments email this blogthis share to x share to facebook share to pinterest friday october 17 2025 hume quoted by keynes it is of no manner of consequence with regard to the domestic happiness of a state whether money be in a greater or less quantity the good policy of the magistrate consists only in keeping it if possible still increasing because by that means he keeps alive a spirit of industry in the nation and increases the state of labour in which consists all real power and riches essay on money 1752 from a footnote in chapter 23 of the general theory graph 1 the quantity of transaction money per dollar s worth of output the low before the great recession runs from 2004 to 2009 graph from mine of november 28 2024 at october 17 2025 no comments email this blogthis share to x share to facebook share to pinterest wednesday october 15 2025 last chapter first sentence the outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes j m keynes 1936 at october 15 2025 no comments email this blogthis share to x share to facebook share to pinterest sunday september 28 2025 i hate windows 11 change for the sake of change and more advertising of microsoft products every time i load a page at september 28 2025 no comments email this blogthis share to x share to facebook share to pinterest friday september 26 2025 i had to walk up the escalator once or twice in my life it s not such a problem really it s like walking up stairs at september 26 2025 2 comments email this blogthis share to x share to facebook share to pinterest thursday september 25 2025 economic decline the phrase economic decline occurs increasingly in google books from the early 1970s to the early 1990s these dates match two decades of low productivity of the us economy usage of the phrase declines from the early 1990s to 2008 the period that contains the high productivity new economy greenspan talked about that period that ended with the financial crisis usage of the phrase increases from 2008 to 2015 a good match to the years the fed held interest rates at zero things were improving at a snail s pace give or take after 2015 things were improving enough you could see improvement trump took credit for that improvement and he still does today i credit the decline of private sector debt at september 25 2025 no comments email this blogthis share to x share to facebook share to pinterest older posts home subscribe to posts atom why economists must think in terms of the cycle of civilization i ve been hearing the phrase late capitalism for so long that i m forced to conclude that the very concept of late cap looks like vigor to me went to harbor freight the other day when i left there was so much traffic i had to fight my way out of the parking lot at one p m on let s see if this one gets me into trouble as i write this it is mid october in an even numbered year elections are weeks away yesterday i saw republican candidates heavily adver not the rate of interest but the cost of finance not inflation but the decline of growth it is surely true that the price level cannot rise without a corresponding increase in the quantity of money or velocity or use of credit the most important difference between cost push and demand pull inflation i m not a fan of diagrams in economics but sometimes this is a screen capture of slide 36 from a slideshare presentatio federal debt is the measure of economic troubles in the private sector not the cause of them the cause is excessive private sector debt private debt is too big and too costly it slows the economy it slows income growth it makes decent jobs scarce we lost our greatness to excessive private sector debt we can regain american greatness by reducing private debt if we do so before china has all the greatness note that we have many policies to encourage the use of credit and no policies to encourage repayment of debt selected fred data free ebooks forever fadedpage levy institute publications art s old vigor page click folder tab to view contents quick quotes on debt sbt hover for the quote click for the source steve keen sbe thomas palley sbe palley again same source sbe arthurian spontaneous sbe arthurian sbe id a j toynbee a study of history unabridged vol 1 page 1 abridgement vol 1 thru 10 id mostly old cost push stuff 1937 the general theory of employment 1958 the phillips curve paper 1959 charles schultze recent inflation in the united states 1960 richard lipsey on the phillips curve 1960 samuelson and solow problem of achieving and maintaining a stable price level 1962 arthur okun potential gdp its measurement and significance 1968 friedman s presidential address the role of monetary policy or alt link 1970 milton friedman the counter revolution in monetary theory 1974 f a hayek prize lecture the pretense of knowledge 1977 thomas m humphrey on cost push theories of inflation in the pre war monetary literature id papers by johannes a schwarzer sbt samuelson and solow on the phillips curve and the menu of choice a retrospective 2013 sbe growth as an objective of economic policy in the early 1960s the role of aggregate demand 2014 sbe price stability versus full employment the phillips curve dilemma reconsidered 2016 sbe retrospectives cost push and demand pull inflation milton friedman and the cruel dilemma 2018 sbe id papers by norikazu takami 1950s cost push sbt baffling inflation cost push inflation theories in the late 1950s united states 2014 sbe the baffling new inflation how cost push inflation theories influenced policy debate in the late 1950s united states 2015 sbe id archive org links sbt archive org home sbe note at archive org the upper right corner search is for all of archive org to search the open book click the search icon on the left side of the window and use quotes around search phrases sbe historical statistics thru 1970 part 1 arrighi g the long twentieth century dalio r economic principles how the economic machine works delong h a profile of mathematical logic r c k ensor england 1870 1914 finley m i the ancient economy friedman m free to choose friedman m money mischief kissinger h the meaning of history reflections on spengler toynbee and kant leuchtenburg w franklin d roosevelt and the new deal leuchtenburg w the perils of prosperity lot ferdinand the end of the ancient world and the beginnings of the middle ages montagu a toynbee and history critical essays and reviews mullineux a w business cycles and financial crises quigley the evolution of civilizations rostovtzeff the social and economic history of the roman empire terborgh george the new economics tooke thomas an inquiry into the currency principle toynbee aj a study of history volumes i vi abridged wanniski jude the way the world works sbe id timelines industrial capitalism sbe mercantile capitalism sbe 10000 years of economy sbe id blog themes and on the pedestal these words appear my name is ozymandias king of kings look on my works ye mighty and despair nothing beside remains shelley toynbee maintained that the fate of civilizations is determined by their response to the challenges facing them stefan zenker the ideas of economists and political philosophers both when they are right and when they are wrong are more powerful than is commonly understood indeed the world is ruled by little else j m keynes economic policy encourages credit use and discourages the repayment of debt that s how we in the private sector got so indebted nathan becker attempts to describe complex interactions in the economy with overly simple adages can lead to incorrect conclusions meyer and tasci i remarked that a plurality of suffrages is no guarantee of truth where it is at all of difficult discovery as in such cases it is much more likely that it will be found by one than by many descartes i have thought it important not only to explain my own point of view but also to show in what respects it departs from the prevailing theory j m keynes blogthemes blog archive 2025 136 october 4 and debt forgiveness was biden s plan hume on the arbitrary power of tyrannical government hume quoted by keynes last chapter first sentence september 19 august 12 july 6 june 10 may 11 april 23 march 19 february 11 january 21 2024 100 december 15 november 9 october 14 september 10 august 7 july 12 june 7 may 3 march 13 february 7 january 3 2023 118 december 6 november 15 october 8 september 8 august 4 july 3 june 16 may 15 april 12 march 8 february 12 january 11 2022 159 december 22 november 17 october 13 september 6 august 4 july 9 june 12 may 4 april 11 march 22 february 15 january 24 2021 204 december 8 november 21 october 15 september 17 august 11 july 13 june 22 may 19 april 17 march 22 february 18 january 21 2020 139 december 20 november 20 october 8 september 11 august 13 july 8 may 2 april 18 march 16 february 19 january 4 2019 202 december 9 november 13 october 18 september 15 august 16 july 20 june 18 may 15 april 27 march 25 february 12 january 14 2018 202 december 12 november 13 october 20 september 11 august 8 july 8 june 19 may 20 april 30 march 31 february 30 labels gothedistance 1966 3 inflation target 400k smoothing an alternative to the wage push inflation thesis apr13 arnold j toynbee attitude brooks adams civilization and decay calculating labor share civilization cmz cost pressure and the decline of civilization cycle of civilization debt and inequality debt ceiling 2023 debt service before 1980 debt to gdp companion economic concerns drive political action economic decline as the source of polarization equilibrium excessive finance fall of rome fallacy of composition finance before 1960 financial cost push financial cost push in the 1950s financialization in the 19th century fix the economy google s ai overview and units household debt in the long run we are all dead income inequality industrial productivity july 2021 keynes on civilization labor share levels labor share of personal income little piggies making use of the cycle of civ math ulc measuring profits milton fried man more debt than money is policy n2r nobody says this stuff but me but that doesn t make it wrong not falsifiable on average productivity profit v interest prosperity quigley evolution of civ real to real debt to gdp s s 1960 secular cycles slow growth terms of the times the 2021 inflation panic the continuing cost problem the cost push problem the end of life as we know it the plan the trump depression they think like bankers throwback too much opinion and not enough econ whack a mole what is political economy whelan s guide report abuse home search this blog this work is licensed under a creative commons attribution noncommercial noderivatives 4 0 international license for reference armstrongeconomics on ancient interest rates michael hudson on ancient interest rates schmelzing 700 years of real interest rates schmelzing the suprasecular stagnation schmelzing eight centuries of global real interest rates commentary on the long trend of interest rates and schmelzing s work at the daily reckoning when did sustained growth start europe s rise to riches voxeu harbingers of modernity monetary injections and european economic growth 1492 1790 from convergence to divergence portuguese economic growth 1527 1850 religious change preceded economic change in the 20th century economics of medieval guilds with links taking malthus seriously helps to explain the economic stagnation from the dark ages to the industrial revolu...
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