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…]
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…]
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…]
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…]
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…]
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…]
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…]
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…]
The Labour Theory of Value (LTV) has always been of interest to me. It is the theory on which nearly all Marxian school of thought rests – debunk the LTV, and you’ve essentially debunked the [more…]
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