I would first like to state that I agree with Dani Rodrik on the necessary existence of the State. I would like to state on the Issue that there is an inevitability to the development of State functions, simply through the inadequacy of private enforcement; Losers are always very grouchy about being fleeced, and eventually pick up Support for construction of a State. It reminds of the Question of how many angels can sit on the head of a Pin. No one will ever see the elimination of the State, or it’s functions, so the Argument is couched in terms of the Absurd.
Here is another argument of foregone conclusion, as there is going to be Inflation, there being no question that it will come; the real Value determinant being how fast it will come. I differ from general Economic views in believing that Inflation is driven by two component Parts: Government deficit spending, and the growth of Business Profits without innate reinvestment (excess of recapitalization of the business, transfer to Ownership for Consumption v. transfer to Ownership for purposes of reinvestment; it is inflationary if reinvested rather than spent). The later creates excess investment funds in the spectrum of limited Investment potential (endeavors which have not chance of equaling the Profitability generated by the original Business). Governmental deficit spending is exactly the same as Printing Currency, except Treasuries are Currency guaranteed a Yield to incite Subscription. The most important Monetary deflator–increased Taxation–enjoys an onus not only undeserved, though it holds the only truly sufficient power to curb Inflation; Monetary policy unequal to the task of even limiting Inflation to a programmed rate.
Economics is filled with Schools and Positions which have been held for Generations with rigid abandon by Advocates; a true patriotism to Ideal, as almost every Position has been shown to be Wanting of true success. Failures are excused as unforeseen adverse factors which were not accounted, but One wonders as this form of excuse has frequency rates approaching the infinite Universal. I may at this time enter the realm of the genuine Heterodox through making the following Statements: Taxation is good, Tariffs are good, Trade restrictions can be good, defense of Labor rights is good if not carried to Excess, and that Business personnel are not on the Consumers’ side (want of Consumers’ monetary assets supercede all other considerations). lgl