Chapter 5: Production and Entrepreneurship
Part II: Market, Chapter 5: Production and Entrepreneurship
Part II: Market, Chapter 5: Production and Entrepreneurship
Mises in 1926: Public opinion always wants "easy money," that is, low interest rates. But it is the very function of the note-issuing bank to resist such demands, protecting its own solvency.
High time preferences also mean high times in a party atmosphere. When Jamaica embraced socialism many decades ago, it wasn't supposed to come to this.
It is easy to think of supply and demand curves as being key to economic analysis. In reality, they can't tell us much, and emphasizing them actually stands in the way of better understanding economic processes.