An audio interview (MP3, 28mb) with Erik Townsend who talks about moving from the USA to other countries to get a higher standard of living or in SHTF scenarios. Erik has specifically travelled to, lived in and researched different countries for this purpose. Join discussion...

"an economic situation involving a period of high inflation in a country which results in a decline in the volume of tax collection and a slow deterioration of real tax proceeds being collected by the government of that country." Join discussion...

Baumol's cost disease "involves a rise of salaries in jobs that have experienced no increase of labor productivity in response to rising salaries in other jobs which did experience such labor productivity growth. This goes against the theory in classical economics that wages are always closely tied to labor productivity changes." Join discussion...

"The Infant industry argument is an economic rationale for trade protectionism. The core of the argument is that nascent industries often do not have the economies of scale that their older competitors from other countries may have, and thus need to be protected until they can attain similar economies of scale." Join discussion...

"a Giffen good is [an item] which people paradoxically consume more of as the price rises, violating the law of demand." Join discussion...

"A situation where a number of decisions, individually small in size and time perspective, cumulatively result in an outcome which is not optimal or desired. It is a situation where a series of small, individually rational decisions can negatively change the context of subsequent choices, even to the point where desired alternatives are irreversibly destroyed." Join discussion...

Trade principle regarding the demand for items during barter transactions Join discussion...

"In economics, the Phillips curve is a historical inverse relationship between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of inflation." Join discussion...

What it is like being a Contrarian Join discussion...

"Hotelling's law is an observation in economics that in many markets it is rational for producers to make their products as similar as possible. This is also referred to as the principle of minimum differentiation as well as Hotelling's "linear city model". " Join discussion...