Many people — including some economists — often confuse money with wealth. This frequently leads to avoidable errors and bad policies. It is best to take money out of most discussions and focus on wealth, unless of course one is specifically discussing money. Continue reading
Let me tell you a funny story about young Albert and Wallace the lion. The final lines of the poem surprisingly express a profound economic truth which gets too often ignored by government officials. As it happens, we can learn quite a bit if we care to look below the surface of simple tales. So here’s the story.