“Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal…” (Matthew 6:19) I. Introduction Book VIII of Plato’s Republic presents a genealogy of political constitutions, outlining the process by which the ideal city, namely, aristocracy or kingship, degenerates first into timocracy, then into oligarchy,…
The history of economic thought is fraught with stimulating methodological controversies, many of which occurred between different schools of thought that laid claim to the “correct” approach. Most notably, the Methodenstreit of the late-nineteenth century fundamentally challenged the role of theory in economic science, with the German Historical School, led by Gustav Schmoller, defending the…
Value as a Subjective Phenomenon Action is the process of employing means to achieve an end sought after, implying that means are employed purposively. Furthermore, the conditions required for the process of action are incentives to achieve ends, implying that the current state of affairs for the actor in question is dissatisfactory. Action is therefore…
Introduction Currently, the United States is witnessing a sizable uptick in general inflation levels in quantities unforeseen for decades. So far, from Q1 through roughly the midpoint of Q2 in 2021 alone, the CPI is up 4.2 [1], representing the greatest increase since the 2008 subprime mortgage recession. According to an analysis from Euro-Pacific Capital…