Monetary Theory

The teachings of Carl Menger and Ludwig von Mises offer the answer to those who say we should dismantle civilization to meet the supposed needs of nature. A very powerful speech by George Reisman.

Tax cuts are great, but there is a missing element in Bush's budget: any attempt to cut outlays. New spending must be paid for somehow, someday, writes Frank Shostak.

Mises's "regression theorem" demonstrates that money must have a preexisting demand as a commodity. What does that tell us about the hype over proposed digital currencies? Timothy Terrell explains.

Dinesh D'Souza's new book on the moral conundrum of success is one of the best popular treatments on the cultural meaning of prosperity to appear in many years. Reviewed by Jeffrey Tucker.

It was once an economic powerhouse, feared by the U.S., but Keynesian-style macroeconomic planning led to its undoing. William Anderson explains how and why it happened.

Thomas Sowell's new introductory text has its strengths, and texts that are friendly to the free market are too rare. Still, Austrian reviewer Gene Callahan has some reservations.

Why do economists disagree on how to handle downturns? Chris Westley explains that some believe the market works and others do not.

Frank Chodorov proposed a sure fix for every case of waste, fraud, and abuse in government: abolish the program. William Stepp explains.

Kirzner's new book, reviewed by Robert Murphy, continues in his role of elaborating and, at times, correcting the work of his cherished mentors, Mises and Hayek. 

Despite the many illustrious forerunners in its six-hundred year prehistory, Carl Menger (1840-1921) was the true and sole founder of the Austrian school of economics proper. He merits this title if for no other reason than that he created the system of value and price theory that constitutes the core of Austrian economic theory. But Menger did more than this: he also originated and consistently applied the correct, praxeological method for pursuing theoretical research in economics. Thus in its method and core theory, Austrian economics always was and will forever remain Mengerian economics.