That's 10!
I have finished 10 econ essays so far. I am not including the more philosophical ones, or social commentary. I think that with another 10, I will have covered most of the critical ideas needed to understand economics. Perhaps I should start to focus more on examples and stories to illustrate how it all fits together. I like macro a lot, and I think it is more complicated. When I am done, I think I will have approximately the same micro and macro articles; maybe even a few more macro ones.
What I have completed so far, in the order of complexity:
Black, non-hyperlinked articles are not yet finished, but planned.
A Framework of Human Action
Supply and Demand
Comparative Advantage
When is Trade Beneficial?
Strategic Interaction
Unintended Consequences
Spontaneous Order
Firms
Rules and Norms
Government Action and Violent Order
Information
Macro:
What is Money?
Inflation
Interest Rates
The Business Cycle
Real Business Cycle
Keynesian Economics
Monetarism
Austrian Business Cycle
Stimulus: Fiscal and Monetary
Default of Inflate?
Growth - What has happened?
Economic Development: What we know, and what we don't
In Defence of Sweatshops
Bonds are Currency and What that Implies: Sovereign debt is similar in many ways to currency: it is backed by the government, it is a fixed denomination, it isn't tied to capital, etc. When a government defaults, I would expect deflation from a real balance effect and from a debt deflation effect as banks had to write down losses on the government debt they held. Defaulting on debt is similar to destroying money in that it would be deflationary and it would not destroy real assets. In your terminology, it would be bursting a bubble.
Theoretically, there should be some ratio of monetizing and default that would minimize the price level impact of a country which had to default. Perhaps printing 20% of your debt and defaulting on 30% would allow a government to maintain stable prices and repudiate half the value of the debt. Holders of the debt would suffer 30% losses, but at least they would not suffer 50% and they would not have to deal with hyperinflation either. I don't know if anyone else has thought this, or done research on what the optimal mix would be assuming price stability were your goal.
Monetary policy choices: What can a government choose?
Money Supply
Spending
% of money supply comprised of bonds
You can request which order I write them in in the comments section, if you have a preference.
What I have completed so far, in the order of complexity:
Black, non-hyperlinked articles are not yet finished, but planned.
A Framework of Human Action
Supply and Demand
Comparative Advantage
When is Trade Beneficial?
Strategic Interaction
Unintended Consequences
Spontaneous Order
Firms
Rules and Norms
Government Action and Violent Order
Information
Macro:
What is Money?
Inflation
Interest Rates
The Business Cycle
Real Business Cycle
Keynesian Economics
Monetarism
Austrian Business Cycle
Stimulus: Fiscal and Monetary
Default of Inflate?
Growth - What has happened?
Economic Development: What we know, and what we don't
In Defence of Sweatshops
Bonds are Currency and What that Implies: Sovereign debt is similar in many ways to currency: it is backed by the government, it is a fixed denomination, it isn't tied to capital, etc. When a government defaults, I would expect deflation from a real balance effect and from a debt deflation effect as banks had to write down losses on the government debt they held. Defaulting on debt is similar to destroying money in that it would be deflationary and it would not destroy real assets. In your terminology, it would be bursting a bubble.
Theoretically, there should be some ratio of monetizing and default that would minimize the price level impact of a country which had to default. Perhaps printing 20% of your debt and defaulting on 30% would allow a government to maintain stable prices and repudiate half the value of the debt. Holders of the debt would suffer 30% losses, but at least they would not suffer 50% and they would not have to deal with hyperinflation either. I don't know if anyone else has thought this, or done research on what the optimal mix would be assuming price stability were your goal.
Monetary policy choices: What can a government choose?
Money Supply
Spending
% of money supply comprised of bonds
You can request which order I write them in in the comments section, if you have a preference.