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Tom Duncan

“Something Besides Money Growth Causes Inflation?”

“Some economic phenomena can result from a variety of causes. A temporary increase in unemployment, for example, might be caused by a sudden, disruptive change in production technology, or in trade patterns, or in labor or tax laws; or it could be caused by natural disasters or wars, or by recessions due to monetary or […]

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Tom Duncan

“Giving the Fed New Powers Ignores History”

“The Fed’s own origins are evidence for this point. It is usually argued that the Fed was created to avoid the banking crises that plagued the United States in the late 19th century. That is true to an extent. What it misses is that those crises were the product of the regulations of the National […]

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Tom Duncan

“Competitve Currencies, Legal Restrictions and the Origins of the Fed”

“In the last several years, economists have produced numoerous studies examining both the theoretical operations and historical manifestations of unregulated banking systems. Recent examples of historical investigations are the studies by L. White (47), who explores the Scottish experience, Selgin (33) on China, and Timberlake (43), Gorton (12), and Mullineaux (20), all of whom examin […]

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