1.11. The Par Value or Ratio between the Value of Land and Labor
Only money— a “most certain measure”—can be used for income measurements and comparisons.
Monetary Theory
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2.4. Further Reflection on the Rapidity or Slowness of the Circulation of Money in Exchange
A variety of factors affect the flow of money in circulation and this in turn affects the amount of money in circulation.
3.6. Banks and their Credit
Fractional-reserve banking is a system where the banks lend some of their deposits and earn interest, but it comes with risks.
A Critique of Monetarist and Austrian Doctrines on the Utility and Value of Money
From The Review of Austrian Economics Vol. 1, No. 4, 1987.
The Central Fallacy of Keynesian Economics
Keynes’s theory of Aggregate Expenditures from the General Theory is examined and criticized. Keynes suggested numerous reasons why his marginal propensity to consume (MPC) might vary across individuals, over different time periods, and might be fundamentally heterogeneous in other respects, but assumed a constant MPC for tractability.
The October Issue of The Free Market Is Online!
In case you missed it, be sure and check out the October issue of The Free Market, now o
Why The Theory of Money and Credit Is More Important Than Ever
Eighty years ago, Mises’s The Theory of Money and Credit first appeared in English.
Why The Theory of Money and Credit Is More Important Than Ever
Eighty years ago, Mises's The Theory of Money and Credit first appeared in English. It remains one of the most important books on money and inflation penned in the twentieth century, and it still offers the clearest analysis and understanding of booms and busts, inflations and depressions.
Gold, Switzerland, and Free-Market Money
Contrary to what is commonly assumed, Austrian economics and Austrians scholars themselves are not necessarily in favor of gold-based monetary syst
