This book provides the intelligent layperson with a concise yet comprehensive overview of the theory, history, and practice of money and banking, with a focus on the United States. Although the author considers himself an Austrian school economist, most of the material in this book is a neutral presentation of historical facts and an objective description of the mechanics of money creation in today’s world.
The book is intended to be a reference for all readers, whether “Austrian” or not, and to bridge the gap by providing a crash course in the necessary theory and history while keeping the discussion tethered to current events.
— From the Introduction
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Robert P. Murphy is a Senior Fellow with the Mises Institute. He is the author of numerous books: Contra Krugman: Smashing the Errors of America’s Most Famous Keynesian; Chaos Theory; Lessons for the Young Economist; Choice: Cooperation, Enterprise, and Human Action; The Politically Incorrect Guide to Capitalism; Understanding Bitcoin (with Silas Barta), among others. He is also host of The Human Action Podcast and The Bob Murphy Show.
Rothbard argued that the Fed stripped away the natural checks of free banking, paving the way for endless credit expansion and inflationary cycles.
Bob breaks down the mechanics behind how commercial banks create money out of thin air—and why that power fuels economic booms and busts.
Bob Murphy critiques New York Assemblyman Zohran Mamdani’s proposal for a government-run grocery store, dissecting its economic flaws and highlighting why such policies fail in practice.
Robert P. Murphy
Published 2021 by the Mises Institute.
This work is licensed under the Creative Commons Attribution 4.0 International License (CC BY 4.0). http://creativecommons.org/licenses/by/4.0/
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ISBN: 978-1-61016-740-6
