Teoría Monetaria

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.

This week, Bob walks through three thought experiments to show how expectations of future supply changes ripple into present prices and production decisions in ways that purely mechanical monetary frameworks like MV=PQ can't capture.

In commemoration of Murray Rothbard’s 100th birthday, Bob shares five “greatest hits” from Rothbard’s economics, covering deficits vs. inflation, monopoly theory, excess capacity, the time structure of production, and his reconstruction of utility and welfare economics.

Bob sits down with macro researcher Luke Gromen of Forest for the Trees to discuss the cascading supply chain consequences of a closed Strait of Hormuz.

En un artículo reciente, señalé que la fo

El poder adquisitivo del dólar de los EEUU se ha devaluado en más de un 99 % desde la fundación de la Reserva Federal.

Menger dijo que las teorías monetarias alternativas eran «ahistóricas», pero se podría argumentar que la teoría de Menger también carece de las pruebas históricas necesarias para verificarla.