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August 15 marks a special date in American history: it commemorates the fiftieth anniversary of President Richard Nixon’s suspension of Bretton Woods. With this decision, the United States stopped redeeming foreign governments’ and banks’ dollars for gold. Consequently, the world economy transitioned to unconstrained central bank discretionary

Mises Institute Fellow Patrick Newman recently joined the Age of Jackson podcast to discuss Murray Rothbard’s  The Panic of 1819 . Topics discussed on the show include Rothbard’s analysis of the panic, why he believed it to be the best received of his books among his profession, and why it remains one of the most cited works on the era. The

JEFF DEIST: Patrick Newman, I’ll start with the same question I asked Joe Salerno in his interview: how does a kid from New Jersey end up deciding to get a PhD in economics? PATRICK NEWMAN: That’s a great question. I got interested in Austrian economics and libertarianism around the time of the Ron Paul Revolution. During the fall of 2008 and the

ABSTRACT: This paper analyzes and elaborates on what Murray Rothbard would have included in Chapter 10 of his nine-chapter manuscript on the Progressive Era (Rothbard 2017). In Chapter 10, Rothbard planned to describe the political and local reforms of the fourth party system (1896–1932). The reforms included voter registration, ballot changes,

Volume 18, Number 1 (Spring 2015) Recently the Federal Reserve reached its one hundred year anniversary. This milestone provided a nice occasion for economists to analyze the Fed’s performance in the past century. As a result in the past several years there have been many conferences, special journal issues, and books that have centered on the

Adapted from the Summer 2016 issue of The Quarterly Journal of Austrian Economics . “The problem with economic historians,” Murray Rothbard once quipped, “is that half of them are historians who don’t know any economics and the other half are economists who don’t know any history.” After reading America’s Bank: The Epic Struggle to Create the

Patrick Newman joined the Tom Woods Show yesterday to talk about the Murray Rothbard book he edited on the Progressive Era. Check out the episode here.   

With new discussion of regulating and even possibly breaking up social media and tech giants like Facebook and Amazon, or blocking the proposed acquisition of Time Warner by AT&T, antitrust policy is back in current events. Coincidentally, revenge and spite motivations for politicians are also back in political news, given the aftermath of the

Volume 17, No.1 (Spring 2014) ABSTRACT : This paper defends the Rothbardian theory which states that the proportion of consumption spending relative to investment spending is systematically related to the interest rate through time preference in society, contrary to Hülsmann (2008). After clarifying that a time market transaction is based on two

Quarterly Journal of Austrian Economics 19, no. 2 (Summer 2016) The recent financial crisis of 2007–2008 generated a debate among economists over whether the leading central banks’ unprecedented monetary intervention would spark a massive inflation and depreciation of currencies in the near future. During the meltdown of the banking system,