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Do You Know
Basic Economics?

The Function of Profits and The Mirage of Inflation

Next, Jeffrey Tucker brings Joseph Salerno, Professor of Economics at Pace University in New York City, into the discussion to cover Chapters 22 and 23.  They discuss how a company’s profits are derived and how they function in the overall economy, along with how inflation works. Much of the factual material in these chapters has changed greatly since the mid 1940’s, but the principles that Hazlitt sets forth still work.