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Historian Steve Davies is one of my all-time favorite scholars. Here’s his recent take on today’s market turmoil [2].
My friend, the great monetary theorist and historian George Selgin, once wrote a pamphlet for the Institute of Economic Affairs [3] entitled Less Than Zero [4], arguing that in times of economic growth the price level should be allowed to fall (as more goods being chased by a stable supply of money means that each unit of money will buy more goods). It’s an important point that is, sadly, too little heeded.
A shorter version of George’s pamphlet is published here, by National Review. [5]