substitute, as the name suggests, is a claim on actual money that everyone in the market expects to be honored at par. Money on deposit in a standard checking account anytime—but the crucial point is that they will be redeemed at par (absent a bank failure). The Austrian Money Supply Above I have sketched the logic behind different
real opposition to state power. Yet “movement libertarianism” must be seen as a failure today, in the political sense. And it is in every way political; how could it and an economic order courtesy of the US Federal Reserve Bank and the US Treasury market; Both support nation building as an obvious and just endeavor for western
in Stockholm, Sweden, December 11, 1974. This lecture, along with “A Free-Market Monetary system,” can be found here in book form.] The particular occasion of for pride: as a profession we have made a mess of things. It seems to me that this failure of the economists to guide policy more successfully is closely connected with
Moreover, despite his towering achievements as an intellectual champion of free market capitalism, Murray never won any prizes, awards or honors to speak of. That he held and conducted in a genuinely Rothbardian spirit, has demonstrated the utter failure of all defamation campaigns directed at me. If anything, they have helped
What is the Mises Institute?
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.