Responding to Geochartalism: Did Mosler Complete Menger?

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05/04/2026 Robert P. Murphy

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. Bob argues that the paper overlooks a crucial prior contribution: Mises’ regression theorem, developed in The Theory of Money and Credit, which already solved the circularity problem in monetary theory that the paper claims required Mosler to resolve. Along the way, Bob also explains chartalism, Georgism, and Mises’s explanation of the absolute price level.

Related:

Bob’s Paper Critiquing Kevin Carson’s Studies in Mutualist Political Economy: Mises.org/HAP548a
George Charles, “The Mosler-Cantillon-Menger Synthesis”: Mises.org/HAP548b
MMT vs. Austrian School Debate: Mises.org/HAP548c

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