10. Fiat Money and Government Deficits by Amadeus Gabriel
Scholars* of the Austrian tradition are particularly known for their important work in the field of monetary economics. They analyze the dynamics of fiat money and its impact on the real economy. However, empirical attempts to support the theoretical claims are relatively rare.
“See the coast clear and then we will depart.”
Shakespeare, Henry VI
While reading a press release today I summed up its overall message in my mind as “the coast is clear.” Then it hit me that I did not really know what this common phrase really meant.
John Tamny of Forbes, who delivered this year’s Henry Hazlitt lecture at the Mises Institute writes on the impact of oil prices in North Dakota and Texas:
The Loyola economics club hosted a debate between economics professor Walter Block and law professor Bill Quigley on the minimum wage. The debate was held on 2/24/15.
For more on the minimum wage, see:
Why Minimum Wage is Keeping You from Getting a Job by Walter Block
The High Cost of Minimum Wages by Benjamin Wiegold
Historically, low oil prices have been perceived by many as an overriding positive for the economy. This has especially been the case in the United States where most households rely on car travel as a primary means of transport. Low oil prices allow households to spend more on economic activities other than gasoline and other oil-related expenses. Historically, every time the oil price soared — such as the 1973 oil crisis, the 1991 Gulf War, and in 2008 when oil reached a historical high of $147 a barrel — public opinion always regarded these events as a serious threat to the economy.
