Monetary Theory

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Why Government Hates Gold

U.S. HistoryMonetary TheoryMoney and Banking


Government could never cement its power over a nation's currency, if the people could repudiate the fiat paper and turn to gold for its money.

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Inflation as a Policy

U.S. HistoryMonetary TheoryMoney and Banking


From April 6, 1959: As inflation increases, apologists emerge to suggest that, after all, inflation may be a very good thing—or, if an evil, at least a necessary evil.

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The Problem of "Hoarding"

Money and BanksMonetary TheoryMoney and Banking


Economists err if they believe something is wrong when money is not in constant, active "circulation."

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The Skyscraper Index Meets the Supertanker Index

Booms and BustsGlobal EconomyMonetary TheoryMoney and Banking


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.

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Keynes in 1939: The Coming War Will Solve our Unemployment Problem

War and Foreign PolicyMonetary Theory

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.

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February Austrian Money Metric: Money Supply Growth Falls to Four-Month Low

Money and BanksMonetary TheoryMoney and Banking


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

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Mateusz Machaj on the Taylor Rule

InterventionismMonetary Theory


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.

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The Undeserving Rich

Monetary TheoryMoney and Banking


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".

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Carl Menger: Founder of the Austrian School

BiographiesAustrian Economics OverviewHistory of the Austrian School of EconomicsMonetary Theory


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.

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Mises and Bernanke on Money and Inequality

The FedMonetary TheoryMoney and BankingPrices

I’d like to think Mises would have spared a few minutes of his precious time “exploding the fallacy”—an often used expression in his writings—of Bernanke’s most recent musings.

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