Swiss National Bank: Hero or Villain?
There has been much hand wringing among popular blogger-economists in response to the breaking of the Euro peg by the SNB.
Monetary Theory
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The Fed: Reality Trumps Rhetoric
The Fed would have us believe that it has am impressive record of success in preventing recessions and improving the economy. The actual historical record suggests otherwise.
Multiple Currencies and Gresham’s Law in Zimbabwe
Zimbabwe, in the aftermath of years of hyperinflation, today has nine different currencies that are officially legal tender. The emerging system of multiple currencies offers a chance to make some interesting observations.
New Research in Austrian Economics
Research is not just the way we add to the body of knowledge left by previous generations, but is also an effective means of engaging and challenging the ideas of mainstream economics.
Peter St. Onge: “Moneyness” in a Digital Age
Jeff Deist and Peter St. Onge discuss some of the fundamental questions about money in this electronic age.
Is Regime Uncertainty Abating?
The most recent job report appears, on the surface, encouraging news for the U. S. economy.
1.7. The Labor of the Plowman is of Less Value than that of the Artisan
Skilled workers must be paid higher wages than unskilled workers.
1.10. The Price and Intrinsic Value of a Thing, in General, is the Measurement of the Land and Labor, which enter into its Production
Intrinsic value can be measured by the quantity of land and laborers, taking into account the quality of land and labor.
1.14. The Desires, Fashions, and Ways of Life of the Prince, and especially of the Property Owners, Determine the Use to which Land is put in a State, and Cause the Variations in the Market Prices of all Things
Cantillon constructs a model of the isolated estate or closed economy where the choices of property owners determine outputs and prices, regardless if they manage the isolated estate or lease it to farmers.
