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Money and Its Purchasing Power
This completes the study of money and of the effects of changes in monetary relations on the economic system. Like all commodities, money has its own supply and demand and price: purchasing power. Everyone deals in money.
The Supply of Money
How are money prices determined? The stock of the money commodity responds to demand and supply of the consumers and their preferences just as with any other good.
Prices and Consumption
Rothbard's approach to money prices is not as a barter exchange system. Instead, he made money prices the common denominator for all exchange ratios. You can now engage in economic calculation.
The Pattern of Indirect Exchange
Direct exchange was limited. The pattern of indirect exchange led to the common medium of exchange: money. Maximization of psychic income always leads the seller of a good to seek the highest money price for it, and the buyer of a good to seek the lowest money price.
1. The Lesson
Leading Austrian Economists discuss Henry Hazlitt's classic book Economics in One Lesson. Interview 1 of 12.
Money, Banking, and the Federal Reserve [Russian Version]
In 2007, this popular documentary was translated and reproduced into Russian by the Institute for Dissemination of Information on Social and Economic Science
