Dr. Salerno presents the Lawrence W. Fertig Prize in Austrian Economics and the O.P. Alford III Prize in Political Economy. Recorded at the 2014 Austrian Economics Research Conference in Auburn, Alabama, on 21 March 2014.
Sound money even sounds heavier than unsound money. Gold and silver originated on the market and reigned as the preferred money because the metals were easily portable, homogeneous, highly divisible, highly durable, and naturally scarce. Paper has none of those attributes.