What causes the price of money to fall? The answer is very simple: an increase in the supply of money relative to other goods and services. As the Nobel Prize-winning economist Milton Friedman explained, “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”
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American medical care over this period has saved the lives of millions who could not have been saved before—life expectancy today is 78.6 years. It has relieved the pain and suffering of tens of millions more. But it has also become a monster that is devouring the American economy.
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The activity of entrepreneurship is much older, going back to ancient times. As for America, our nation was founded, quite literally, by entrepreneurs.
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America is still a young country. But what a 400 years it has been in the economic history of humankind!
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