There are those, including President Trump, the Federal Reserve, and many central bankers, who believe that certain economic principals can be both controlled and manipulated.
To achieve a pre-determined end result, they believe, requires the simple bending of the rules. Nothing could be farther from the truth. However, it doesn’t preclude those interested parties from trying. To understand what initially seems doable but eventually is fraught with frustration and failure we must grasp the economic building blocks. Today in ECONOMICS LEARNED we analyze: The Price System.
Everything has a price- each commodity and each service. Even the different kinds of human labor have prices, usually called “wage rates.” Everybody receives money for what he sells, and uses this money to buy what he wishes.
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