Bourgeoisie Bourgeoisie, originally, the free residents of European towns during the Middle Ages. The bourgeoisie later became synonymous with the middle class. History The term was first applied to those inhabitants of medieval towns in France who occupied a position somewhere between the peasants and the landowning nobility; soon it was extended to the middle […]

Principles of Economy by Martin A. Armstrong Law of Value The important economic trend that becomes clear here is what one might call the Law of Value. In other words, the further one travels from the main economic center, the greater the purchasing power of the standard unit of account. Thus, the didrachm’s value tended […]

Principles of Economy Two-Tier Monetary System by Martin A. Armstrong Under Construction Principles of Economy © Martin A. Armstrong

Principles of Economy by Martin A. Armstrong Reluctant Receipiant Throughout the course of man’s history, government has always been in pursuit of not merely power but wealth. Regardless of the form of government, we find that it is often the “reluctant receipiant” of its own consequences. Government has always been the source of major inflation. […]

Asset Inflation Reluctant Receipiant Two-Tier Monetary Systems Law of Value

Principles of Economy by Martin A. Armstrong Asset Inflation Asset Inflation is quite different from cost-push or demand-lead inflation. Unlike these other forms of inflation, Asset Inflation is created soley by the actions of government through the means of its too often unrestrained fiscal policies. Hence, Asset Inflation is the direct result of a depreciation […]

Bourgeoisie Capitalism Modern Capitalism Collectivism Communism Marxism Merchantilism Physiocrats Socialism Taxation

Introduction History of Economic Thought While the history of economic thought is generally begins with Adam Smith, the trail leads much further back in time. In 1742, Francis Hutcheson was a professor of Philosophy at the University of Glasgow. Hutcheson was the teacher of Adam Smith and most likely inspired his great quest to understand […]

Pliny, Letters 96-97 AD Pliny to the Emperor Trajan It is my practice, my lord, to refer to you all matters concerning which I am in doubt. For who can better give guidance to my hesitation or inform my ignorance? I have never participated in trials of Christians. I therefore do not know what offenses […]

Arch of Titus The Arch of Titus was constructed by his brother Domitian. It stands by the Colosseum on the Sacred Way leading to the center of the Forum. It contains a vaulted arch with columns and massive supporting walls. Various friezes display Titus’ conquest of Judaea in 70 AD. Of particular interest is the […]