How much money does an economy need in circulation to function? Austrians believe that a growing economy does not need a growing supply of money, which sets Austrian economics apart from other schools of economic thought.
Jonathan Newman joins Bob to explore the archaeological evidence for silver as money in ancient Mesopotamia, challenging Modern Monetary Theory and affirming Menger’s classic account of money’s market origins.
Is Elon Musk’s DOGE taxpayer dividend proposal inflationary, or is it simply returning savings from government spending cuts?
Both Monetarists and Keynesians believe that a growing economy requires a growing money supply, thus, the Federal Reserve‘s “target” inflation rate of two percent. Austrian economists, however, understand that inflation at any level creates economic damage.
In November, year-over-year growth in the money supply was at 2.35 percent. That’s a 27-month high and the largest year-over-year increase since September 2022.
Bob explains that the beloved Wizard of Oz movie involved an allegory of the bimetallism debates of the late 1800s.
The state and its friends reject the scarcity principle and uphold its polar opposite, the Santa Claus principle.
Murphy lays out the various camps in the debate over fractional reserve banking.
The current trend in money-supply growth is a big turnaround from the many months of depression-level contractions we saw in 2022 and 2023.
