Tagged: Queen Elizabeth I

Normal good, inferior good, Giffen good

“For example, the supporters of tariffs treat it as self-evident that the creation of jobs is a desirable end, in and of itself, regardless of what the persons employed do. That is clearly wrong. If all we want are jobs, we can create any number–for example, have people dig holes...

The Gresham's Law / Art by Andre Levy

The Gresham’s Law: Bad money vs. Good money

“The course our city runs is the same towards men and money. She has true and worthy sons. She has fine new gold and ancient silver, Coins untouched with alloys, gold or silver, Each well minted, tested each and ringing clear. Yet we never use them! Others pass from hand...