Was Jackson’s victory over the Second Bank of the United States a triumph for liberty, or did it merely expand federal authority under the guise of constraining it? His legacy is complicated, but there is much we can learn from it.
Was Jackson’s victory over the Second Bank of the United States a triumph for liberty, or did it merely expand federal authority under the guise of constraining it? His legacy is complicated, but there is much we can learn from it.
According to mainstream economists, inflation aids economic growth while deflation impairs growth. Austrian economists, however, point out that in much of US history, economic growth was accompanied by deflation.
Lower interest rates can help promote economic growth—as long as those rates are determined by the market and not by political edict.
Inflation isn’t just about higher prices. It is how unwarranted increases in the money supply touches off wealth transfers from those who are less-well off to people who are close to the new injections of money into the economy.
Why do independent central banks exist in the modern economy? It was originally thought independent central banks would prevent government extravagance from creating inflation.
While monetary inflation has various economic effects—predictable and surprising, direct and indirect—this article seeks to explore the effects of monetary inflation on food. Specifically, debased currency leads to debased food.
Fed Chairman Jerome Powell’s claims to want to protect the “independence” of the Federal Reserve ring hollow. Following sound monetary policies is more important than the theoretical “independence” of the central bank.
Peter Earle reviews Money and the Rule of Law: Generality and Predictability in Monetary Institutions. This edited volume delivers a timely critique of the Federal Reserve's discretionary monetary policy, arguing that a binding legal structure is needed to check its mission creep.
David Gordon reviews Binyamin Appelbaum's The Economists' Hour. As a critique of free-market economics, the book fails, relying on appeals to competing values and misattributing government failures to the market.
