Sound Money

Wednesday, August 15th, 2018

What we’ve learned is that money can be privately produced. Hayek’s dream of choice in currency can be reality. What form it will take in the future no one can know for sure. What’s more, there is no end game here. The process of innovation will never stop. 

Wednesday, August 15th, 2018

The features of monetary institutions that make them illiberal have a high likelihood of making them undemocratic as well.

Tuesday, June 26th, 2018

The complexity of credit markets creates difficulty for teaching monetary theory purely through reference to observed data. An appropriate framing should follow the evolution of money and credit.

Thursday, June 7th, 2018

The third issue of the AIER Sound Money Project Working Paper Series is available online. AIER is currently ranked 76th on SSRN's Top 1,600 Entrepreneurship Research & Policy Network Organizations.

Friday, May 11th, 2018

A decade ago, I was a fractional-reserve banking skeptic. Today, I’m all for it. Here’s why.

Thursday, May 3rd, 2018

A market economy without money would not be able to achieve a division of labor sufficient to make it worthwhile.

Wednesday, May 2nd, 2018

Hayek’s commodity reserve standard would automatically serve to stabilize prices and output. In our discussion of rule-based monetary policy and sound money, the mechanics and principles guiding Hayek’s proposal deserve careful consideration.

Wednesday, April 18th, 2018

Requiring that citizens track transactions in gold or alternative currencies and pay taxes on gains and losses relative to the dollar is just another mechanism for keeping the monetary playing field unbalanced in favor of government fiat.

Wednesday, April 18th, 2018

If the language of commerce is quid pro quo, money is its grammar.

Monday, April 9th, 2018

The personal signature has a notorious history: J.S. Bach’s on his compositions, the founding fathers on the Declaration of Independence, Picasso on his paintings, and the president’s today on executive orders. Creating your own was a right of passage. With credit card companies admitting the obvious that it does nothing to verify your identity, does it matter anymore? The signature isn’t going away. It has just changed forms.

Tuesday, March 27th, 2018

The first two issues of the new AIER Sound Money Project Working Paper Series are available online.

Friday, March 23rd, 2018

Debasement helps the mint defend against an aggressive counterfeiter.

Thursday, March 1st, 2018

Financial regulators ought not inhibit private money creation processes, which make the market more resilient in times of crisis.

Wednesday, January 31st, 2018

Financial crises come in all shapes and sizes. What could we possibly learn about proper monetary policy?

Wednesday, January 10th, 2018

In many ways, we are better off than we were in the era of the international gold standard. But monetary freedom is not one of them.

Thursday, December 14th, 2017

The Fed's balance sheet crowds out bank lending, stifling economic growth.

Wednesday, December 13th, 2017

Banning Bitcoin might have the unintended consequence of causing the average citizen to think a lot harder about why governments have a monopoly on currency in the first place.

Monday, December 11th, 2017

Coinage provided an easy-to-assess standard. It also presented a significant temptation for the fiscal authority.

Thursday, December 7th, 2017

Chartalists are right: debt preceded money. But that fact doesn’t do the work they think it does.