Not only are modern monetary theory (MMT) cultists dishonest about the role of money, they also are dishonest about money‘s history. By taking issue with Carl Menger‘s historical version, they expose their own ignorance of how money came about.
Mainstream economists define inflation as the increase in an imaginary “price level” that is relatively neutral in its effects. Austrian economists, however, know better, as they realize that the effects of inflating the money supply are anything but neutral.
As Trump challenges Powell and the Fed’s authority, Dr. Joe Salerno joins Bob to dive into whether "central bank independence" really protects the economy—or just shields elite power.
The Modern Monetary Theory (MMT) crowd prides itself on fidelity to actual history. But Murphy shows how leading MMT guru Randall Wray completely distorts his discussion of two historical episodes in his college lecture.
Jonathan Newman joins Bob to explore the archaeological evidence for silver as money in ancient Mesopotamia, challenging Modern Monetary Theory and affirming Menger’s classic account of money’s market origins.
This panel exposes flawed assumptions of Modern Monetary Theory, including the origins of money, government spending, job guarantees, entrepreneurship, and economic growth.
This episode explores the economic implications of deflation, debunking the mainstream fear that falling prices cripple economic growth.
While MMT advocates claim special knowledge, the irony is that they don't understand money at all. Like all progressive statists, they fail to comprehend the economic damage done through their “modern” monetary manipulations.
Isaac Newton is best known for his development of mathematics and physics, but he also took a keen interest in economics, especially the relationship of money to economic exchange. He also believed that economic laws, like gravity, were immutable.
No macroeconomics or monetary theory course is complete without introduction of the Equation of Exchange, or MV = PQ. However, this equation explains nothing, praxeologically speaking. Instead, it clouds our understanding of how money fits into our economy.
