Monetary Theory

Ships aren’t cheap to purchase. But when financing is abnormally cheap and expectations of future business are rosy, it stands to reason that shipping companies would put in a raft of orders.

Leonidas Zelmanovitz discusses his recent book, The Ontology and Function of Money: The Philosophical Fundamentals of Monetary Institutions.

On the eve of World War II, Keynes delivered a chilling address on the BBC, talking about the "great experiment" of curing unemployment through war expenditure.

The reader should trudge his way through this book for two reasons. First is the explanation for why the purchasing power of money must be defined in terms of consumers’ goods prices, not capital goods. Second, and more importantly, Braun resurrects the subsistence fund doctrine, an integral aspect of business cycle theory and completely neglected by modern writers.

In February, the money supply fell slightly, but remains steady thanks to a continued influx of Treasury deposits at the Fed.

Former Mises Fellow Mateusz Machaj has published a new paper, "Can the Taylor Rule be a Good Guidance for Policy? The Case of 2001–2008 Real Estate Bubble" in the journal Prague Economic Papers.

Asking wealthy elites to provide opinions about central banking generally results in reticence on their part. After all, many billionaires became rich or stay rich only because the global economy has been "financialized".

In this excerpt from his brilliant Mises: The Last Knight of Liberalism, Guido Hülsmann illustrates how Carl Menger's experience as a financial journalist led to his developing the revolutionary foundations of the Austrian school of economics.

An interview with Dr. Mark Thornton on the View Point radio program.

More credit expansion to keep the current easy-money induced boom going is only delaying the inevitable.