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Found 6 results

  1. Imagine a simplistic economy with homogeneous firms and households. Suppose that there is an exogenous positive saving rate shock, S1>S0. The households lend their extra savings to firms who make an investment and build more capital which allows firms to produce more real GDP. The firms then go to the respective product markets and put that extra GDP on display. In order for firms to pay higher wages to employees and to pay back the principal plus interest to lenders, they need to sell that extra GDP to households. Where do households get extra money to buy that extra gdp if they already ar
  2. A thought I’ve been “chewing” on is the application of the Floating Abstraction Fallacy. I would like some critical feedback on a theory I’ve been working on. First, just as a reminder, from the wiki in Fallacy of the Floating Abstraction: The fallacy of the "floating abstraction" is Ayn Rand's term for concepts detached from existents, concepts that a person takes over from other men without knowing what specific units the concepts denote. I’d add only for purposes of this discussion that any value the Floating Abstraction does have in a discussion is due to the pervasiveness (
  3. [With a special thanks to Yaron Brook and some others who got me to change my mind on this topic] Fractional Reserve Banking By Thomas M. Miovas, Jr. 06/16/2012 I should point out that I am not an expert on financial issues, so this essay is based upon what I have learned over the years without taking any special courses on banking or banking practices. For the purpose of this essay, I am taking a gold as money standard as the correct system; though other commodities (silver, copper, oil, etc.) can be used as money. My original position, which I have to now change, was that fractiona
  4. Dear readers, I must ask you for your help. I must also tell you I passionately hate that I should be in need of help, for I take tremendous pride in my independence. I have never applied for food stamps or any other form of government assistance because I am opposed to any form of subsidy obtained by coercion; whether governmental or criminal, and thus refuse to be a beneficiary of any such subsidy. The reason I am in need of help is because on January 31st, my girlfriend and I will lose our room, and at present, are unable to find a new room which we can afford. I am confident that we will
  5. Well, I'm new here and of course, I have some questions. (I've only just begun the 3rd part of 'Atlas Shrugged') First, in an ideal society how is the free market regulated? Hypothetical Situation : Suppose there is great demand for a commodity that has not yet been invented but is being actively researched. One team finds the answer (while others are close), patents the product and sets an exorbitant price for it as well. Now the problem is, is it ethical for them to do so? They would get a lot of money but do they deserve it? Even though they worked for it, aren't they making more than sh
  6. So here s a bunch of questions i have for you guys. 1) Where does money come from? Currently, the government prints it, but who will make money in an objectivistic world and leisez fare economy? You cant simply keep the existing currency, because govs own more than 90 % of it. The solution would be to allow private banks to print money if they have gold to back it up. The problem would be who would control that, and who would stop someone else from printing the money without something to back it up? 2) Why do most objectivists say that altruism /socialism/communism etc is wro
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