Sublime

Money is the minimal information that captures the social truth of the value of time and energy.

In 1970, we saw the first indication of the termination of the cycle, when a relatively small wave of inflation hit and Richard Nixon put a wage and price freeze on the economy to stabilize it. Any slight possibility of this working disappeared in 1973, when the Arab countries placed an embargo on the sale of oil to the United States following the

At the time, a fierce debate was raging about whether centrally planned economies like that of the Soviet Union—in other words, economies where there was a single core responsible for creating and distributing goods and services—worked better than free market economies where planning and production were done by an undirected, decentralized crowd. M

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These are all highly contestable statements.

Once the revolution of exploitation is under way, statesmanship and craftsmanship are gradually replaced by salesmanship.

Socrates—who, like Adam Smith, argued that people are generally good even without enforcement.