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Austrian School

Economics

A Primer on Understanding Austrian Monetary Theory

5th September 2024 Patrick Barron 2276 Comments

The above title would make one believe that what follows will be very long and very difficult to learn, but it is not. In this short article I will explain the relationship among four metrics: [more…]

Business

GDP Tells Us Little about the Health of an Economy

28th July 2021 Patrick Barron 2187 Comments

The government’s and the mainstream media’s favorite economic statistic is Gross Domestic Product (GDP). If GDP goes up, then the economy is doing well. If GDP shrinks, then the economy is doing poorly, or so [more…]

Patrick Barron, Going Postal
Authoritarianism

Denying Reality Leads to Tyranny and Societal Failure

10th May 2021 Patrick Barron 1724 Comments

The common thread that connects failed societies, from Weimar Germany to the Soviet Union, is an almost pathological insistence on denying reality. Weimar Germany denied that masses of printed money would destroy civilized society. The [more…]

Economics

What is Money?

3rd May 2021 Going Postal 2010 Comments

Introduction Everybody knows how to use money, but very few people understand what it really is, or how it works. You might think people who work in finance and banking understand money, but I’ve not [more…]

Godfrey Bloom, Going Postal
Economics

My Crypto Currency Journey, Part one

20th October 2020 Godfrey Bloom 4190 Comments

As a a professional research economist my first contact with crypto currency came with my ever increasing commitment to Austrian School economics over a decade ago. Always a free marketeer in the traditional classical liberal mode [more…]

Authoritarianism

Poor Understanding of Monetary Theory Leads to Disastrous Government Policies

19th August 2020 Patrick Barron 3711 Comments

Austrian School economists know that unsound money has been at the heart of disastrous government policies since time immemorial. The greater the ignorance of money the greater the monetary debasement in order to fund government’s [more…]

Patrick Barron, Going Postal
America

Crisis Resolution through Methodological Individualism

20th April 2020 Patrick Barron 2836 Comments

From 2009 to 2012 I taught an introductory course in Austrian Economics at the University of Iowa. On the first day of class I would tell my students that Austrian economics would change the way [more…]

Patrick Barron, Going Postal
Authoritarianism

Two Distinctly Different Approaches to Crisis Resolution

30th March 2020 Patrick Barron 3515 Comments

There are two very distinct approaches to crisis resolution. One is the socialist approach, adopted by most governments of the world in the latest coronavirus crisis. The other is the individualistic approach, used by few [more…]

Business

The Necessary and Inevitable Recession to Come

17th June 2019 Patrick Barron 2159 Comments

Perhaps the most destructive premise of modern, mainstream economics is that a central bank-induced monetary/credit expansion can cause an economy to grow without adverse consequences. Let’s be perfectly clear from the start…this policy has been [more…]

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