Manufacturing to Services

Economics: Lesson 165 If Americans 'buy Asian,' what can Asian exporters do with the dollars? Politicians have trained the public to believe that a manufacturing country is more wealthy. This is true, and the Industrial Revolution is the perfect example of this. But what happens when a nation gets exceedingly rich? It shifts from manufacturing … Continue reading Manufacturing to Services

Conservative Polylogism

Economics: Lesson 160 Is free trade across a county border economically different from free trade across a national border? When it comes to town borders, county borders, and state borders, nobody cares about them and they are simply invisible lines. Conservatives defend free trade across these domestic borders with no tariffs or sales taxes because … Continue reading Conservative Polylogism

Price levels and monetary inflation

Economics: Lesson 145 If there is no 'price level,' how could anyone prove that monetary inflation raises prices? The price level is a statistic the tells the price of goods and services. The price level often fluctuates depending on how much money is in the market. When the money supply increases, prices rise. You might … Continue reading Price levels and monetary inflation

An Example of the Broken Window Fallacy

Economics: Lesson 125 An example of the broken window fallacy as applied to a government intervention. The broken window fallacy is all about seeing the thing unseen. Government is often at fault for taking taxes and using them for things that are not necessary but are easily seen by the public. If taxpayers were able … Continue reading An Example of the Broken Window Fallacy