Monetary Theory

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Blog01/11/2007Sean Corrigan

From the heart of the would-be global Hoi Phylakes — the Council for Foreign Relations — comes a piece written by their Director of International Economics, Benn...

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The Keynes of Marx; the brother Groucho that is

Media and CultureMonetary Theory

Blog01/07/2007Jim Fedako

While watching the classic comedy Animal Crackers, I laughed as Groucho Marx — playing the character Captain Spaulding — engaged a gentleman named Chandler in a very funny...

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China Raises Reserve Requirements Again

Financial MarketsMonetary Theory

Blog01/06/2007Stefan Karlsson

China again raises reserve requirements of banks . This was the fourth time in just seven months that they did this. If they keep this up, fractional reserve banking might be ended in China soon!

No, not really...

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Has Card Been Misinterpreted?

Monetary TheoryProduction Theory

Blog01/05/2007Roger W. Garrison

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 and...

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To hear ol' Jordan roll

Monetary Theory

Blog12/04/2006Sean Corrigan

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 he draws...

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Stiglitz in The Times: A Study in Confusion

Money and BanksMonetary TheoryMoney and Banking

Blog10/04/2006George Reisman

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 global...

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Wage Rates and Purchasing Power

Monetary Theory

Blog07/31/2006George Reisman

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 has...

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How Government Budget Deficits Reduce Wages and Raise Profits

Calculation and KnowledgeMonetary TheoryProduction TheoryValue and Exchange

Blog07/24/2006George Reisman

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

Blog07/01/2006Ted Roberts

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 that bosses hate. A smart alecky...

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Shedlock on Wages and Inflation

Money and BanksMonetary TheoryMoney and Banking

Blog06/04/2006Robert Blumen

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; that it...