Money and Banking

Casual acquaintance with Ayn Rand’s ideas often involves the assumption that Rand would approve of Oliver Stone’s character Gordon Gekko (of “greed

Austrian economist Lawrence White, formerly of the University of Georgia, has given us in The Theory of Monetary Institutions, a book written in mainstream mode yet embellished with Austrian insights. 

Recent events in the US — high unemployment, record federal deficits, and unprecedented financial distress — have raised serious doubts about the future of the dollar.

No matter what reform proposal is adopted, the state will attempt to strike back against it to restore to itself the immense benefits it receives from the existing system. 

This article has a twofold purpose. Its first goal is to pay tribute to Friedrich von Hayek as an outstanding monetary theorist. Its second objective is to further elaborate, on the ground of Hayek’s main findings,

Volume 11, Number 1 (Winter/Spring 1990)

Professor Karl Socher of the University of Innsbruck, Austria discusses Austrian Economics in

The authors argue that a currency board is a creation of the state, aiming at granting particular political favors,and purposefully designed to secure the reappearance of an independent domestic money producer.

Volume 23, Number 1 (Spring 2003)

In this paper the theory of optimum currency areas (OCA) is presented, and then I will attempt to prove:

1. The OCA theory is nonoperational and irrelevant in dealing with the present international monetary situation.
2. The basic postulates of OCA theory are internally inconsistent and incompatible with economic theory.

Austrians have demonstrated that recessions—and depressions—are the inevitable result of central bank intervention in the economy.