History of Economic Thought

Wednesday, October 22nd, 2014
The Wall Street Journal blog reports that Cato's new Center for Monetary and Financial Alternatives will have as a goal to "challenge the central bank
Tuesday, January 29th, 2013

Despite the Fed’s breathtaking increase of base money since the autumn of 2008, the money stock as measured by conventional concepts such as M2 has not increased greatly

Wednesday, January 16th, 2013
In this piece, Mark Thornton tries to solve the riddle:  "Where is the Inflation?" by Mark Thornton
Thursday, October 11th, 2012

“Fiat” is money with no intrinsic value beyond whatever an issuing government is able to enforce. When it enjoys a monopoly as currency, fiat inevitably turns the free market functions of money inside out.

Tuesday, October 9th, 2012

These three short articles, written by three Mises scholars, respond to Paul Krugman's dubious economic theories

Saturday, September 29th, 2012

An overview of the work of Ludwig Von Mises and his contribution to modern economic thought.

Thursday, July 5th, 2012

While it's true that many Austrian economists (Mises, Rothbard, Hayek, etc.) write in reference to gold as money and use such definitions in their thought constructs, the context of their writing must first be understood.

Monday, June 25th, 2012
When a little over two years ago, at the second Lausanne Conference of this group, I threw out, almost as a sort of bitter joke, that there was no hope of ever again having decent money, unless we took from government the monopoly of issuing money and handed it over to private industry, I took it only half seriously.
Wednesday, June 13th, 2012
Wondering why inflation figures are so tame when real estate prices are soaring? There is a simple explanation: the Consumer Price Index factors in rising rents, not rising home prices.
Tuesday, June 12th, 2012

It is not enough to encourage enterprise and limit regulation—we need a fixed system of value.

Friday, June 1st, 2012

"...nor am I a doctor. But here is a critique of a school of economic thought, along with an appendectomy!"

Tuesday, March 27th, 2012

Expectations are a key concept in economics. If expectations are coordinated, then the economy is equilibrated and no accumulation of imbalances take place.

Monday, March 5th, 2012

"Bears are animals. Animals have four legs. Chairs have four legs. Therefore, chairs love honey." What's wrong with this logic? Don't ask opponents of the Classical Gold Standard...

Wednesday, February 1st, 2012

Has the current crisis destroyed the market's "property memory systems"?

by Leonard Liggio
Wednesday, December 28th, 2011
A few days ago, Paul Krugman defended the position that "Friedrich Hayek is not an important figure in the history of macroeconomics." This triggered quite a few reactions (
Wednesday, December 28th, 2011

Observations on the Discussions Concerning Free Banking [This article is excerpted from chapter 17 of Human Action: The Scholar's Edition and is read by Jeff Riggenbach]