1 - 10 of 21 Chapters
[In the writings of the predecessors of Adam Smith, it is possible to distinguish two basic laws of economics: the Law of Competition and the Law of Circulation. Both laws are well established in the “maxims” of the Physiocrats1 who receive a highly favourable mention from the “father of...
[“All we are asking for is a level playing-field.”]
[Described in the fifth edition of Chambers Biographical Dictionary as “a Leicestershire simpleton”, Ned Ludd is remembered for his clarity of thought and decisiveness of action.]
[“Globalisation” is the product of two world-wide revolutions: one in economics, the other in technology.]
[Part of the difficulty in devising an effective policy for stable economic growth is failure to recognise the true nature of the problem of price inflation.]
[A “multi-gear” macroeconomic policy requires that the quantity of money and its price (the rate of interest) should be left to the free-play of market forces.]
[Commenting on Mill’s famous analogy of money as “a machine for doing quickly and commodiously, what would be done, though less quickly and commodiously, without it” [1848, p.488], the late Professor Milton Friedman makes a vital point:
True, money is only a machine, but it is an extraordinarily...
[According to the textbooks of macroeconomic theory, it is axiomatic that, for a perfectly competitive economy in continuously marketclearing equilibrium, there can be no such thing as unemployment. The blind spot of Single-Gear Fundamentalism lies in its failure to recognise the possibility of...
[Business corporations tend to get a bad press as bully-boys of the economic world. They are favourite targets of anti-capitalist protest. One outcome of the recent turmoil in the banking sector is increasing popular concern over the issue of corporate governance in general and “conflict of...
[The conventional system of accounting is criticised in chapter 3 of the previous volume as a “hybrid” system. Whether they are based on historical costs or current “fair” market values, the figures in the conventional profit and loss account and balance sheet are often an unidentifiable mixture...
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