When More Isn’t Better: Inflation In The 21st Century
The modern practice of inflationary monetary policies has drastic, wide-reaching effects on the economy.Over the last 40 years, monetary policy has caused interest rates to decline from a high of around 20% down to the zero bound. During the same period, the U.S. dollar (USD) money supply has expanded at a rate never before seen in modern history and asset prices in dollar terms exploded to the upside, all while the U.S. average hourly wage has lagged on an unprecedented scale.Ironically, the growing wealth gap, caused by lagging wages and rising asset prices, has occurred while the....
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Regardless of one’s opinions about the outcome, the recent Brexit referendum in the U.K. should be considered a welcome example of direct democracy. In fact, letting the citizens express their preference on important issues, bypassing the intermediation of politicians, is often desirable. Why, then, isn’t direct democracy used more often? One reason is that it costs money to organize and run elections. Another is that voting is still a 20th century (or 19th century) process that requires physically going to a place, or in the best cases, sending paper documents via snail mail. Therefore,....
The 21st century is described by many scholars as the Golden age, where every aspect of modern-day society is driven by technology. Distributed Ledger Technology, which many describe as the pioneer of the 22nd century, has provided an avenue where an economy can exist without the need for trust. As a result of the growing […]