privacy, even to the point of scheming to stamp out cash. But Swiss financial innovation knows no bounds. To meet the intensifying demand for financial privacy unstable banks, negative interest rates and other “unconventional” monetary policies, Swiss entrepreneurs have purchased and refurbished former military bunkers
with regard to the Great Depression. The book is filled with analysis of policy, including some of the very best discussions of inflation and deflation. Only with competing money suppliers would it be possible to have certain types of innovation and product development. These changes improve money and better adapt it
that its price might be used as a metric for evaluating the quality of monetary policy. What happened? The roof fell in. Brad DeLong of Keynesian fame called right away: free the market to create its own gold standard by permitting true innovation and choice in currency. It’s a fair guess that opponents of the gold
Foundation on “Why Austrian Economics Matters.” That’s because so many of the policy ideas suggested within the Austrian framework can be subsumed under the need antitrust, a vast historiography that turns the mainstream on its head, a huge and innovative critique of war and of interventionist and socialistic states — as well as Austrian school. Austrian economics was born with Carl Menger’s reflections and innovations on the nature and function of money. It matured under Mises’s own
exchange rate, this could only be the result of a relatively inflationary monetary policy and not of some “structural” real cause. Finally, although Mundell, in his of real world institutions. Despite his significant shortcomings in monetary policy (as well as in fiscal policy where he favors tax-cut fueled budget deficits), regions so defined continually change. That is, relative prices, new discoveries, innovations, the supply and demand of complements and substitutes are in a continual
range. If commodity prices declined below the range the Fed would ease monetary policy to bring them within the target. If prices increased above the range the Fed the overall lack of knowledge among government officials regarding this potential innovation. Gold advocates should educate, and encourage. A New Gold Commission
boom in the 1920s by issuing unbacked bank credit. Then, the unimaginably horrible policies of Hoover and then FDR in response to the inevitable contraction and me that this might be stacking the deck; after all, there have been all sorts of innovations (especially in financial markets) since 1895 to smooth out economic ups
conservative Republicans can champion FDR, even on matters of economic policy. And yet that is exactly what Frum has done, time and again. We are to believe economies with those in the 19th century. After all, there have been plenty of innovations in financial markets (e.g. more developed futures markets and option to try to have the best of both worlds — price stability with flexible “monetary policy“ — when they hammered out the agreement for a post-War system. To put it
to the irrelevance and sterility of much of macroeconomic theorizing. In terms of policy, the Austrian School looks more and more attractive, given continuing business and limiting our knowledge. Austrians have now become among the most creative, innovative and least doctrinaire of economists. While the neoclassical mainstream capital and wages long before the communists came to power in Russia. He favored policies that deferred to the ever-present reality of economic law. He regarded
and adaptations of occupation and location, and hampering rationalizing and innovative managerial practices. As Professor Benham trenchantly pointed out: reversing the gold outflow. But England was committed to an unsound, inflationist policy, in stark contrast to the old gold system. And so, Norman tried his best to bowed to its wish to see Europe avoid the consequences of its own inflationary policies. Leading the inflationary drive within the administration were President
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.