Money and Banks

Modern economists attempt to define money by correlating it with economic activity. As Austrian economists know, money is defined by its function as a medium of exchange.

By making paper money legal tender, the government shut the door on sound money. Repealing legal tender laws is the first step back to liberty.

Dr. Hülsmann offers his concluding thoughts on his debate with Philipp Bagus regarding the monetary consequences of closing the central bank of Argentina. 

In finance, memories are short. The mortgage industry makes out with 50-year paper, the consumer, not so much.

If stablecoins continue to expand, the architecture of monetary control will inevitably change.

The “greedflation” commentators are at it again, claiming that corporate profits are driving inflation. That is a logical impossibility.

New scholarly work is appearing regularly in the Quarterly Journal of Austrian Economics and the Journal of Libertarian Studies. Here is a sampling of recently published articles.

The following is an article originally published on October 20th, 2025, at Ludwig von Mises Institut Deutschland. Its publication sparked a public debate on the topic between Dr. Bagus and Dr. Jörg Guido Hülsmann. 

Stablecoins are the next big thing. So, what are stablecoins and what economics effects will they have?

Privatization is often explained as something the state permits. However, true privatization rejects state coercion in all things, including money.