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Bonus Quotation of the Day…

Bonus Quotation of the Day…

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This article was originally published by Cafe Hayek
(Don Boudreaux)

… is from page 38 of my colleague Bryan Caplan’s brilliant 2007 book, The Myth of the Rational Voter (original emphases; footnote deleted):

The root error behind 18th-century mercantilism was unreasonable distrust of foreigners [rather than the false identification of money with wealth]. Otherwise, why would people focus on money draining out of “the nation,” but not “the region,” “the city,” “the village,” or “the family”? Anyone who consistently equated money with wealth would fear all outflows of precious metals. In practice, human beings then and now commit the balance-of-trade fallacy only when other countries enter the picture. No one loses sleep about the trade balance between California and Nevada, or me and Tower Records. The fallacy is not treating all purchases as a cost, but treating foreign purchases as a cost.

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Precious Metals

Let’s Talk Diversity event series a success

Amid the current skills shortages facing mining organisations, there has never been a better time to consider how the industry can attract more talent….

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Eye on Lithium: Battery production is set to pass 1TWh. We need 300TWh all up to be ‘fully sustainable’, Elon Musk says

Global battery production is on track to pass 1TWh in 2023 Zenith Minerals identifies a new lithium geochemical target at … Read More
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Precious Metals

Let’s Talk Diversity events a success

Amid the current skills shortages facing mining organisations, there has never been a better time to consider how the industry can attract more talent….

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Continue Reading

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