Abstract: Austrian economists have debated issues of monetary theory and inflation extensively, but there is still no agreement on the definition of inflation. Mises (1953, 240) defined inflation as an increase in the supply of money not offset by an increase in the demand for money, leading to a fall in the purchasing power of money (PPM). Rothbard (2009, 990) defined it as an increase of fiduciary media, explicitly excluding increases in the stock of specie.

ABSTRACT: Property and Justice presents a new theory of original acquisition out of which two applications are drawn: a defense of the commons and a defense of the right of necessity. Author Billy Christmas attempts to robustly link freedom to property and mostly succeeds. However, the work contains two serious flaws. First, his right of necessity allows some individuals to partly own others.

At the 46th annual Jackson Hole symposium, Fed Chair Jerome Powell delivered  a speech titled: Inflation: Progress and the Path Ahead. The speech provided a plethora of reminders that not all is well in the economy. Starting with the name itself, inflation and a path ahead decided by the Federal Reserve, are two things we could all definitely live without. 

He even reminded us that:

Argentina’s problem is not Milei.

The Central Bank of Argentina does not have to devalue the peso due to the victory of Javier Milei in the primaries. The Central Bank of Argentina and the Peronist government have been devaluing the peso and sinking the currency for years. It must devalue because the central bank has run out of reserves.

The Economist reported on August 14, 2023, that “Argentina could get its first libertarian president.” They added that Javier Milei, the winner of Argentina’s election primary wa