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Witch Hat Atelier’s Qifrey is one of the most intriguing characters I have come across. Gentle and cheerful on the surface, Qifrey masks a fair amount of darkness which occasionally manifests in a scary way. In the beginning, while we are unaware of his past, his interest in the brim caps along with the use of intimidation and memory wiping magic to protect his secret plant doubts about his alignment. Is Coco someone Qifrey protecting merely to serve his goals of tracking down the brim caps? Why is Qifrey not more forthcoming about his knowledge with his peers and students, if not the magical authorities? ...

John Maynard Keynes published The General Theory of Employment, Interest, and Money in 1936. In it, he advocated for dirigistic inflationary policies to stimulate the economy and aid economic recovery. Idle resources—money, labor, capital—had to be employed; otherwise, they were being wasted. William H Hutt provided one of the earliest rebuttals of the general theory. His book, The Theory of Idle Resources (1939), lists several valid reasons for resource unemployment: ...

Anne Robert Jacques Turgot, in his criticism of usury laws, described the concept of time-preference and its role in lending at interest. Time-preference refers to the discounting of the future, and the concomitant placing of a premium upon the present. If this rate of discounting is high, the time-preference is high. If the discounting rate is low, the time-preference is low. Since we prefer a present good to an equivalent amount of the good at some point in the future, lenders will demand, and borrowers will accept, an interest on a loan. Interest is the price of time-preference. ...

In my previous discussion about the effects of inflation, I missed an important point. This might be the most pernicious of its cultural effects: inflation discourages productivity and encourages speculation. The distortions generated by inflation are not immediately apparent. While an inflationary episode is underway, labor is tricked into accepting the same nominal wage (that is, accepting a lower real wage), since price levels have not risen yet. Soon, prices rise and the decline in purchasing power becomes apparent. Long after the prices have risen are the labor able to negotiate a (nominal) wage increase. This increase is also likely to be lower than the rate of inflation, thus the real wage continues to be lower than what it was prior to the inflationary episode. A decline in real wages discourages productivity. ...

The first season of Lord of Mysteries gripped my imagination late last year, compelling me to read the entire series of light novels. This month, three special episodes came out covering parts of volume 1 that did not make it into season 1 for good reason. Again, the production was absolutely captivating. IMDb Blurb “Zhou Mingrui awakens in the body of Klein Moretti in a Victorian world of steam and hidden magic. As a new Beyonder, he confronts secret societies and dark rituals while seeking the truth behind his mysterious transmigration.” ...

The Price-Specie-Flow Mechanism The price-specie-flow (PSF) mechanism is the extension of the quantity theory of money (QTM) to a multi-country scenario. Proponents of the end-neutrality of QTM often implicitly assume a closed economy. But when nations trade amongst each other, the injection of monetary units in a nation can, instead of putting upward pressure on local prices, promote imports, and thus cause an outflow of money, in the short term. The price-specie-flow mechanism accounts for these dynamics. ...

Statement The level of prices depend on the quantity of money. Early discussions on this matter can be found in the essays of John Locke, David Hume and Irving Fisher (see Reference). Discussion Provided that the item used as money can be divided and combined as necessary, any amount of money is sufficient for running an economy. Ideas about bringing lasting changes to an economy by expanding the money supply are invalid. Should the money supply increase, all else equal, the prices of goods and services would increase proportionately. Thus, the outcome would ultimately be neutral. ...

Setting aside the question of morality as it relates to coercing citizens to part with their property, let us consider a tax regime based solely on the stock market. Equity-Based Tax System In this system only top publicly traded companies are taxed. Taxation takes place in-kind, through shares. Only, say, the top 500 companies (by market capitalization) in the country are in consideration for taxation. And the taxation occurs thus: ...

The Verdict Witch Hat Atelier S1 was truly beautiful. The only annoying thing was Coco’s overly cartoonish reactions. I know it’s supposed to make her look cute, but it was overused. Everything else about the anime was great. The artwork and animation were beautiful. The characters were engaging. The conflicts were set up very well. The magic system was well designed. I don’t anticipate being able to wait a couple of years for the next season. I will probably pick up the manga at some point, especially given the sort of cliffhanger we have been left with. ...

Brandon Sanderson, the author of Mistborn, The Stormlight Archive, etc. presents three points of consideration for fantasy authors. First Law Solving a problem through magic depends on how well the readers understand the magic. You cannot simply have vague magical powers and then use a wizard to enchant problems away. That would amount to deus ex machina, an unsatisfactory read at best, a betrayal of the readers at worst. Second Law Limitations are more important than powers. ...