Volume 5, No. 4 (Winter 2002) 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. A currency board establishes a foreign fiat money standard enforced by legal tender laws for its bank
Volume 6, No. 4 (Winter 2003) It seems odd that economists would find the idea of falling prices to be a bad thing. Likewise, it is peculiar that policymakers would fear deflation and be willing to take drastic measures to insure the so-called “defeat” of deflation. Policymakers and politicians, after all, would supposedly want the general
Volume 6, No. 4 (Winter 2003) Whether the current recovery will strengthen, which appears to be the prevailing consensus, or whether unforeseen events in the financial arena abort it prematurely, we will see a hefty rise in consumer prices in the next few years. In other words, an existing or imminent deflation in the US is a chimera conjured
Volume 6, No. 4 (Winter 2003) In an age when deflation is widely feared and the threat of deflation serves as a justification for radical policy proposals, Bordo and Redish have done a great service in showing that deflation is not harmful to the economy, at least on the gold standard. However, they find an anomaly—a teaser—in Canada
Volume 7, No. 2 (Summer 2004) 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
Volume 7, No. 3 (Fall 2004) Comparative analysis, however, could reveal some broader principles by which reform proposals may be evaluated. This exercise might prove to be more valuable than arguments over which theoretical perspective is the correct one. We attempt just such an exercise in this paper. Beginning from a broad definition of
Volume 8, No. 1 (Spring 2005) That Hayek’s work on money, investment, and business cycle theory should be misunderstood and misrepresented poses nothing new. Its contemporaneous failure to win approval might be attributed to Hayek having “purposely refrained from combining purely theoretical considerations with discussions of current events”
Volume 8, No. 1 (Spring 2005) Austrians have demonstrated that recessions—and depressions—are the inevitable result of central bank intervention in the economy. The book’s greatest weakness is its inference that all economists critical of the 1920’s credit structure were somehow real-bills ideologues. Kaza, Greg. “Review of A History of the
Volume 8, No. 2 (Summer 2005) Sumner was the product of an indigenous American hard-money tradition that embraced free markets, free trade, and sound banking—a tradition that has much in common with the Austrian School in its theoretical and political orientation. His understanding of economic theory came from his reading of classical
Volume 8, No. 4 (Winter 2005) During the late nineteenth century, when silver agitation threatened the gold standard in the United States, gold bonds offered investors some protection from the uncertainties concerning the monetary standard in the United States. Gold bonds, therefore, sold at a premium relative to similar currency bonds. This
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.