Value and Exchange

The Real Bills Doctrine (RBD) has a long and controversial history, writes Robert Blumen. Many of the key concepts originated with the monetary crank John Law.

The medical marijuana case decided June 6th (Gonzales v Raich, et al.) in favor of the government (6-3) was an easy slam dunk, writes D.T. Armentano. Still, there are many problems with the majority opinion.

Frank Shostak explains that China is not the cause of bad US monetary policy.  

Mahoney argues that although Mises correctly conceived of value as an ordinal relation, precluding the possibility of value imputation, in many of his expositions of the market process he adopts a notion of value as a cardinal thing in explaining the task confronting actors in either the planned or unplanned economy.

Murray Rothbard, in this classic essay originally published in 1991, offers the most "pure" proposal of all: private mintage, 100 percent reserve banking, circulating coins, full convertibility.

My wife alerted me to this surprising passage from An Unsocial Socialist. Did Mises read Shaw?

People apparently are not supposed to fret that gas is relatively more expensive, writes Robert Murphy, because in an absolute sense, it is still cheaper than other commodities. Well, this leaves out a rather important fact.

When pro-inflation economists try to argue that inflation does not merely have redistributive effects, but can actually increase total production o

From the Daily Reckoning:

Recorded at the Austrian Economics and Financial Markets conference at The Venetian Hotel Resort Casino, Las Vegas, 02-19-2005