Thursday, September 20, 2012

Brad DeLong, Latte, and Ludwig von Mises

Of all the things Brad DeLong as written so far, this may well be the best quip yet:
"We accept money because if we don't have any money we have to buy commodities with other commodities, and when we do so we are unlikely to receive the cost of production for what we sell. Have you ever tried to buy a latte at Peets with a copy of Ludwig von Mises's Money and Credit? It does not go well."

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