Inflation Research as Propaganda
- Highlight Loc. 16-24 | Added on Sunday, July 31, 2011, 05:22 AM
It should be clear to anyone with some knowledge in how the economy works that all the individuals in it work together like an invisible hand to produce goods and services and that they tend to do so ever more efficiently. This is true even in a regulated market, which is why even monstrous welfare states talk about the importance of and try to "encourage" economic growth. The concept is a bit confusing, though, since the economy doesn't only grow — "it" strives to get increasingly efficient in the use of resources in order to produce goods and services of [even greater] value to consumers. Such increased efficiency is generally achieved by entrepreneurs, be they capital owners or labor workers, and innovators finding new ingenious ways of using the resources available. In such a market the natural tendency is for prices to fall — anything else would be incomprehensible.
- Highlight Loc. 16-24 | Added on Sunday, July 31, 2011, 05:22 AM
It should be clear to anyone with some knowledge in how the economy works that all the individuals in it work together like an invisible hand to produce goods and services and that they tend to do so ever more efficiently. This is true even in a regulated market, which is why even monstrous welfare states talk about the importance of and try to "encourage" economic growth. The concept is a bit confusing, though, since the economy doesn't only grow — "it" strives to get increasingly efficient in the use of resources in order to produce goods and services of [even greater] value to consumers. Such increased efficiency is generally achieved by entrepreneurs, be they capital owners or labor workers, and innovators finding new ingenious ways of using the resources available. In such a market the natural tendency is for prices to fall — anything else would be incomprehensible.
