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Israel Kirzner presents an excellent piece on entrepreneurship for the students at the Advanced Austrian Economics seminar hosted by the Foundation for Economic Education. Given today’s regulation of financial markets and other steps taken to “prevent …
READ MORE“This is the true and remarkable story of private coinage and banking in Britain in the early years of the Industrial Revolution (1775-1850). Making money was a business in demand. The needs of business for small denominations were changing. Merchants …
READ MORE“The Federal Reserve System was created in 1913 and soon did what central banks almost always do: it started printing lots of money. During World War I the Bank of England inflated its money supply, and as a result a significant amount of gold flowed o …
READ MORE“In a recent blog post, Peter Boettke argues that in reading F.A. Hayek it is important to distinguish between Hayek and Hayekianism. Because Hayek, as a lifetime learner, did not always apply his ideas as fully he possibly could have, Hayek the man wa …
READ MORE“In a recent column, Nobel Prize winning economist Paul Krugman claimed that the government needs to have two important duties in finance. First, it must keep interest rates low; second, it must strictly regulate where the newly created money goes. Now …
READ MORE“The growing narrative in Washington is that a decades-long unraveling of the regulatory system allowed and encouraged Wall Street to excess, resulting in the current financial crisis. Left unchallenged, this narrative will likely form the basis of any …
READ MORE“Early this year, it was our belief (and forecast) that the Federal Reserve would start lifting interest rates from their current level of near zero by mid-year 2010. Our view has been that 0% interest rates are too low, that the economy would be (and …
READ MORE“Inflations have undermined the cultural and economic fabric of society, bringing social chaos and revolution. One example is the Great Chinese Inflation of the 1930s and 1940s. Indeed, the destruction of the Chinese monetary system during this period …
READ MORE“In the commercial, Whitacre says GM has ‘repaid our government loan in full.’ Rep. Paul Ryan (R-Wis.) noted that GM used government funds to pay back the government: It ‘simply transferred $6.7 billion from one taxpayer-funded TARP account to another. …
READ MORE“Everything that is done by a government against the purchasing power of the monetary unit is, under present conditions, done against the middle classes and the working classes of the population. Only these people don’t know it. And this is the tragedy …
READ MOREThe UK inflation rate jumped to 3.7 percent last month, way above the Bank of England’s 2 percent target. This comes as a surprise to both the monetary policymakers of the BoE and to the newly formed coalition government. The Bank’s Governor Mervyn Kin …
READ MORE“If fiscal imbalances are not addressed through spending cuts and revenue increases, only two options remain: inflation for countries that borrow in their own currency and can monetize their deficits; or default for countries that borrow in a foreign c …
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