Monetary Theory

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Philipp Bagus

Today's banks are not free-market institutions. They live in a symbiosis with governments that they are financing.

Frank Shostak

Deleveraging is necessary to clean up the system and lay the foundations for solid economic expansion.

Robert P. Murphy

Austrian economists have long recognized that the economy is far more complex than simple models capture.

An increase in the quantity of money doesn't bring any general improvement of conditions.

Robert P. Murphy

Why does the behavior of the Greek government have anything to do with taxpayers in Germany? Why did the original Maastricht Treaty have rules about fiscal policy as part of the criteria for monetary union? The answer is that the euro is a fiat currency.