Menger said alternative monetary theories were “unhistorical,” but one could argue that Menger’s theory also lacks historical evidence necessary to verify his theory. Did Menger display a double standard or a nuanced view as to what we should expect from different monetary theories?
A. Mitchell Innes—a chartalist pioneer—wrote a pamphlet “What Is Money?” (1913) which found a credulous and ideologically sympathetic audience in J. M. Keynes.
Gresham’s Law isn’t about greed or bad behavior. It describes rational decision-making under fixed rules.
Elon Musk recently claimed that artificial intelligence will make money itself obsolete. He needs to read the literature of Austrian economics.
Elon Musk recently claimed that artificial intelligence will make money itself obsolete. He needs to read the literature of Austrian economics.
Modern economists attempt to define money by correlating it with economic activity. As Austrian economists know, money is defined by its function as a medium of exchange.
While it wouldn’t solve everything, a gold audit would be a step towards sound money.
Prominent central bankers have given conflicting statements concerning gold. What soaring gold prices might indicate is that the world is now turning to gold.
The quest for sound money is hardly a recent phenomenon. In 13th century Italy, two different gold monetary units competed with each other in the Medieval Italian economy.
In an attempt to explain business cycles, Milton Friedman came up with a plucked-string analogy. Like all Monetarist theories, however, this also had fatal flaws.
