Monetary Theory

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Has Card Been Misinterpreted?

Monetary TheoryProduction Theory


Here's an interesting excerpt from an interview with David Card by the Minneapolis Fed's Region (December 2006).

Is Card making the Austrian point that the perfectly competitive model (a.k.a. the simple supply...

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To hear ol' Jordan roll

Monetary Theory


Always one of the more sensible of our supposed monetary Guardians, Jerry Jordan, former President of the Cleveland Regional Fed has contributed a piece to the St. Louis Fed's latest 'Review' in which...

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Stiglitz in The Times: A Study in Confusion

Money and BanksMonetary TheoryMoney and Banking


In the New York Times, Joseph Stiglitz, a Nobel prize winner in economics, has an article titled "How to Fix the Global Economy." Judging from his article, Stiglitz appears to believe that the main problem of the...

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Wage Rates and Purchasing Power

Monetary Theory


An individual who earns more money per week is obviously in a position to spend more in buying consumers' goods than is an individual who earns less money per week. For example, a man who makes $1,000 per week has the ability to spend $1,000 per week, while a man who makes only $900 per week...

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How Government Budget Deficits Reduce Wages and Raise Profits

Calculation and KnowledgeMonetary TheoryProduction TheoryValue and Exchange


In recent years there have been growing complaints over slow growth in wages compared to profits. Those who make the complaints usually offer little in the way of explanation. Here is a part of the explanation: growing government budget deficits.

Government budget deficits are financed...

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Who's Afraid of the CPI!

Money and BanksCapital and Interest TheoryMonetary TheoryMoney and Banking


Everybody worries about inflation these days. It's chic. It's trendy. And it gives me a great comeback to the boss at raise time. "Congrats, Roberts, you're getting a 3% increase."

"Yeah, I just about keep up with inflation," I reply with that snippy look...

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Shedlock on Wages and Inflation

Money and BanksMonetary TheoryMoney and Banking


Mike Shedlock gives a rather Austrian-flavored explanation of inflation, noting that it is "best described as a net expansion of money supply and credit" through fractional reserve banking;...

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We're Fed Guessers not investors

Financial MarketsMonetary Theory


Here's a question for you. What's funnier: we buffoons who make up the cast of investors, brokers, kibitzers, commentators who produce the daily theatrical Sitcom called the US stock market, or Saturday Nite Live? I vote for us, if comedy is valued over drama.

Like this past...

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Role Playing Games and Money

Monetary TheoryMoney and Banking


I came across this old thread in the Austrian Economics forum, and I thought some of the older folks who read this blog (but not the forum) might be interested in this description of what happens in a "Massively Multiple Online...

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Rothbard's Bracing Plan for Gold

Gold StandardMonetary TheoryMoney and Banking


To answer a reader question, I revisited Rothbard's transition plan for 100% gold. This is cut and pasted from the Mystery of Banking (Richardson and Synder, 1983), pp. 265-267.

Even though, for the past few...

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