Booms and Busts

Monetary theory is where Austrians diverge the most from mainstream. Mises built a new taxonomy of money. He said money included any checking account deposits. The marginal utility of gold on the last day of barter was determined by the uses of gold. People then demanded gold as money because there was preexisting value. A paper dollar must have such a connection to money. Government cannot create money. Money is not neutral. The natural trend of prices in a market economy is falling.

Chris Westley explains that the only thing new about New Deal policies was their name and the people administering them.

For interesting stuff, see MarketWatc

Tyler Cowen wonders whether we are in a housing bubble

The economy is not depression proof, writes Lew Rockwell. If the government and the Federal Reserve are willing to work hard enough, they can kill off even the most robust economic expansion.

Real Estate.

Recorded at the 2005 Austrian Scholars Conference, Mises Institute, Auburn, Alabama.

Recorded at the Austrian Economics and Financial Markets conference at The Venetian Hotel Resort Casino, Las Vegas, 02-19-2005

Recorded at the Austrian Economics and Financial Markets conference at The Venetian Hotel Resort Casino, Las Vegas, 02-19-2005

Recorded at the Austrian Economics and Financial Markets conference at The Venetian Hotel Resort Casino, Las Vegas, 02-19-2005