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“This essay reinterprets the gold standard by applying the monetary theory of the balance of payments to the experience of the two most important countries on it, America and Britain. Before explaining, testing and using the theory in detail, it will b …
READ MORE“This government is now on a gold basis; that is to say, the nation stands pledged to redeem all its debts or obligations in gold. This is not the result of arbitrary legislation on our part, but a necessity imposed by the demands of trade and commerce …
READ MORE“It can be argued that two apparently divergent macroeconomic schools of thought that have persisted in the history of economics are both part of a larger theoretical view which is capable of meeting most of these criteria. The Austrian theory of the t …
READ MOREThis paper examines the effects of inflation uncertainty on real economic activityb y utilizing a flexible, dynamic,m ultivariatef rameworkt hata ccom-modates possible interaction between the conditional means and variances. The empirical model is base …
READ MORE“Neoclassical treatments of inflation understate the costs associated with inflation, even at very low levels. A comparative institutions perspective that recognizes the epistemological properties of prices and the institutional process by which inflat …
READ MORE“There is much evidence that common stock returns and inflation have been negatively related during the post-1953 period. Zvi Body, Jeffrey Jaffe and Gershon Mandelker, Charles Nelson, and my article with G. William Schwert document negative relations …
READ MORE“President Obama rammed through his new stimulus bill, warning of an irreversible recession if Congress failed to act. But bestselling author Thomas E. Woods Jr. warns that Obama’s “stimulus package” will do far more damage to our economy than even the …
READ MORE“Currency crises have become more and more frequent in part because speculators can mobilize more and more money. A generation ago, central banks, like the U.S. Federal Reserve System, had more money than anyone else and weren’t afraid to use it to pun …
READ MOREBernanke is Time’s Person of the Year Steve Horwitz The Austrian Economists
READ MORE“Nobel Economics Laureate F.A. Hayek summed up the enigma of money succinctly: “Money, the very “coin” of ordinary interaction, is [hence] of all things the least understood and—perhaps with sex—the object of greatest unreasoning fantasy; and like sex …
READ MOREAre monetary and banking problems due to a few misguided policies or incompetent managers? Or are there fundamental flaws in monetary and financial institutions, principally central banks and the legal and monetary frameworks that accompany them? “Gold …
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