Monetary Theory

American essayist Albert Jay Nock celebrates the life and work of the great English sociologist and libertarian Herbert Spencer.

Advocates of modern monetary theory promise a cornucopia of goods and jobs if only the government has the "courage" to print money at will. Sound economic analysis, however, exposes MMT as fraudulent.

Antony Mueller explains that measuring the economy as a whole owes its popularity to the Cold War—that the origin of the GDP lies in the management of the war economies of the first half of the twentieth century.

Nik Bhatia presents a counterintuitive view of how money operates in our current banking system and takes a glimpse into our monetary future.

Ludwig von Mises was the great opponent of John Maynard Keynes. In this blistering article, appearing for the first time online, Mises unmasks Keynes as an advocate of the pseudoscience of monetary magic.

Popular commentators and politicians often express loud opinions about exchange rates and balance of payments. As Dr. Frank Shostak writes, the facts differ widely from popular perception.

Current rates of inflation are worse than what the government claims. Not surprisingly, the government gains when people are fooled.

In 1950, Ludwig von Mises warned against increasing the costs of labor via pension programs and Social Security. This article is online for the first time.

Inflation erodes morals in creeping, insidious ways. It replaces social bonds with government controls.

Legal tender laws create special privileges for government money. That kills true currency competition and favors the state's monopoly power.