Where Does Inflation Hide?

By Herman Daly

The talking heads in the media explain the recent fall in the stock market as follows: A fall in unemployment leads to a tight labor market and the prospect of wage increases; wage increase leads to threat of inflation; which leads the Fed to likely raise interest rates; which would lead to less borrowing, and to less investment in stocks, and consequently to an expected fall in stock prices.


Cold War Leftovers

Daly challenges the assertion that a steady-state economy is inherently capitalistic and must be instead be based on a socialist system.


The Negative Natural Interest Rate and Uneconomic Growth

The next nonsensical strategy for maintaining the dream of endless GDP expansion? Negative interest rates!


Growth, Debt, and the World Bank

Herman Daly wonders how the World Bank got in the business of increasing the debt of poor countries.