Other Schools of Thought

However one may turn the matter, one cannot discover any reason why an ideological distortion of truth should be more useful to the bourgeoisie than a correct theory.

Despite the claims of the chartalists and modern monetary theory advocates, early American monetary history tells a much different story. In fact, much of the historical evidence illustrates Menger’s theory.

Despite the claims of the chartalists, early American monetary history tells a much different story than one falsely claiming state-issued fiat money undergirded the colonial economy. In fact, much of the historical evidence illustrates Menger’s monetary theory.

Bob untangles two arguments that even Austrian economists sometimes conflate: Mises' calculation problem and Hayek's knowledge problem. Then, he explains why the distinction matters, especially in light of recent claims that AI and modern computing could finally make central planning viable.

While Adam Smith has played an important historical role in the development of economic thought, as Murray Rothbard pointed out, he hardly is the original apostle of laissez-faire economics.

Mainstream economics has deliberately abandoned the history of economic thought. Austrian economists must keep teaching and re-teaching the great debates of the past.

If economics has its Unicorn, it would be the Giffen Good, the good that would seem to defy the Law of Demand. While economists have played around with Giffen Good scenarios, in reality, finding it is even more unlikely than sighting a unicorn.

Milton Friedman and others tried to explain interest rates using liquidity, economic activity, and inflation expectations. These things, however, only describe interest but do not explain it. Only the Austrian theory of time preference correctly explains interest.

Milton Friedman and others tried to explain interest rates using liquidity, economic activity, and inflation expectations. These things, however, only describe interest but do not explain it. Only the Austrian theory of time preference correctly explains interest.

We continue celebrating the centennial of the birth of Murray Rothbard, one of the greatest economists of the 20th Century and the Dean of the Austrian School of Economics.