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I've never really understand why inflation is necessary. The last time I am reading Mankiw's book, it says something like people don't like their wages decreased, that is why it can only increase. Basically, some psychological nonsense. Yet Michael Pettis, again, him, provided a good reason for its existance. [Read More]

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there are few habits that I’d like to cultivate in the new year: FTO, figuring things out: is there enough data that would allow me to draw my conclusion can I device a test to generate information proof of concept can the problem be approached from a different angle what must be true that would lead up to my observation TTT, think things through. An action is taken only if the following criteria is met: I know the worst case scenario. while it is not preferable, but it would not be too much of a blow. if I can’t avoid... [Read More]