Douglas French

Articles

COVID ZIRP Triggers ABCT in LV Industrial RE

05/29/2025 Power & Market Douglas French

The Zero Interest Rate Policy (ZIRP) implemented by central banks during covid continues to provide real world examples of the Austrian Business Cycle Theory (ABCT). Murray Rothbard wrote, “…the...

Bank OZK

05/22/2025 Power & Market Douglas French

Ernest Hemingway wrote in his 1926 novel The Sun Also Rises, “How did you go bankrupt? Two ways. Gradually, then suddenly.” Artificial Intelligence (AI) tells me this snippet of dialogue between Mike...

Gold Fortunes Are Changing Hands

04/28/2025 Power & Market Douglas French

The gold price kissed $3,500 last week before backing off. The yellow metal’s price has churned violently up and down $50 to $100 daily. For some gold bugs, this price level seemed unimaginable...

Publications

Walk Away: The Rise and Fall of the Home-Ownership Myth

11/18/2010 Douglas French

Housing, a central priority for government policy for many decades, collapsed in 2008; even today, millions of homes are under water. This poses many economic and ethical issues. This elegant and fact-filled book by Doug French examines the

Early Speculative Bubbles and Increases in the Supply of Money

08/19/1992 Douglas French

The Housing Bubble was hardly the first in human history. What’s eluded historians is the same issue that eludes commentators today: the underlying cause of bubbles. This book is the first (and only) book to solve the mystery of the most famous

Media

A Reply to Shostak: Can Increases in the Gold Supply Cause a Business Cycle?

01/23/2025 Douglas French

In replying to a previous article by Frank Shostak, Douglas French writes that if an increase in the supply of gold ultimately leads to an expansion of bank credit, that is enough to start the boom-and-bust cycles, even if there is no central bank to accelerate the process.

Today’s Pols Are All Bryanites

11/26/2024 Douglas French

In his failed 1896 presidential campaign, inflationist William Jennings Bryan declared that he would “not crucify mankind on a cross of gold.” But at least even Bryan favored silver money. Today‘s political candidates will crucify us on a cross of paper.

The Unsustainable AI-Driven Lending Boom

06/21/2024 Douglas French

The endless bubble economy has a new lending craze: loans backed by AI chips. The problem is that while the chips serve as collateral, companies right now cannot make enough revenue to cover their costs.

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.

Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.