Capital and Interest Theory

Carl Menger, from his classic treatise, on the origins of the means of payment.

This audio Mises Daily is narrated by Floy Lilley.

A money-substitute can be embodied either in a banknote or in a demand deposit with a bank subject to check (”checkbook money” or depos

The task of the theory of money consists merely in dealing with that component in the valuation of money which is conditioned by its function as a

The notion of a neutral money is no less contradictory than that of a money of stable purchasing power.

If new capital is the direct product of government spending or the indirect result of its fiscal policy, we are all worse off.

This is old-fashioned redistribution, to sustain the unsustainable.

Money is the thing which serves as the generally accepted and commonly used medium of exchange.

Pages 521-534. Narrated by Jeff Riggenbach. 

Keynes has bamboozled us and it is very difficult to de-bamboozle ourselves.

Contrary to popular thinking, the threat posed to the major economies is not the liquidity trap, but the government and central bank stimulus policies aimed at countering it.