Teoría Monetaria

Cuando la colonia de Massachusetts emitió su propio papel moneda no canjeable en 1690, lo hizo con la promesa de que pronto sería canjeable por dinero en efectivo. Era una mentira.

La primera obra importante de Ludwig von Mises fue La teoría del dinero y del crédito, en la que explicaba el papel del dinero en la economía y también señalaba las causas del ciclo de auge-caída. Sigue siendo un clásico importante de la economía austriaca.

En la revista Quarterly Journal of Austrian Economics se publican regularmente nuevos trabajos académicos. A continuación se incluyen algunos artículos de la última edición.

After his recent Zero Hedge debate with MMT co-founder Randall Wray, Bob takes a deep dive into the sectoral balance approach. He explains why the MMT argument is technically a tautology, how it's deeply misleading, and why the private sector doesn't need government deficits to save, invest, and accumulate real wealth.

Bob sits down with Dr. Jonathan Newman to discuss his Mises Academy course for homeschooling families based on Lessons for the Young Economist, using it as a starting point to walk through the full Austrian case against socialism.

Bob sits down with fund manager and author Larry Lepard to discuss his book The Big Print, which argues that the core problem with modern America is not corporate greed or partisan politics, but a monetary system deliberately structured to benefit those closest to the Fed.

Bob uses U.S. economic history, centering on the greenback era, to work through some subtle but important distinctions in Austrian monetary theory.

This week, Bob explains Cantillon effects: the insight that new money doesn't raise all prices equally or simultaneously, but flows through the economy in a sequence that benefits early recipients at the expense of everyone else. Then, he shows why this phenomenon is the foundation on which the entire Austrian theory of the business cycle is built.

Bob responds to a new working paper from the Geo-chartalism project, which claims to offer a complete theory of the price level by combining insights from Menger, Cantillon, and Warren Mosler.

Alexander Salter and Joshua Hendrickson argue that the Fed's actual institutional role is to backstop U.S. dollar hegemony.