Mises described the problem, Hayek proposed the direction, Kirzner explains why the market will not stop. And the market, as so many times before, has already found the first step.

Modern moral philosophers often come up with immoral ways to undermine free markets. In this week’s Friday Philosophy, Dr. David Gordon examines the book How Much Is Enough? by Robert and Edward Skidelsky and questions the authors’ conclusions.

In studying history, it is key to avoid definitional anachronism—failing to note how a word has changed over time and assuming the present meaning was the same in the past. This is often the case with the word currency as used in colonial America.

Mainstream economists, not to mention most financial journalists, claim that deflation is as bad or worse than inflation. The Austrians know better. We need deflation and we need it now.