Money and Banking

Elon Musk recently claimed that artificial intelligence will make money itself obsolete. He needs to read the literature of Austrian economics.

Elon Musk recently claimed that artificial intelligence will make money itself obsolete. He needs to read the literature of Austrian economics.

Dr. Shawn Ritenour explains how economic freedom—grounded in private property, sound money, and voluntary exchange—turns “class conflict” into cooperation through the division of labor.

New scholarly work is appearing regularly in the Quarterly Journal of Austrian Economics and the Journal of Libertarian Studies. Here is a sampling of recently published articles.

Alex Pollock shows Hayek’s case for currency competition over central-bank monopoly—why real monetary freedom means letting monies compete.

The following is an article originally published on October 20th, 2025, at Ludwig von Mises Institut Deutschland. Its publication sparked a public debate on the topic between Dr. Bagus and Dr. Jörg Guido Hülsmann. 

As the Federal Reserve has delayed lowering the federal funds rate, the money supply has stabilized in recent months. This trend also reflects rising delinquencies, falling home sales, and stagnating employment.

Joseph Salerno reviews Banking and Monetary Policy from the Perspective of Austrian Economics. Covering topics ranging from inflation targeting to cryptocurrency, this collection is indispensable reading for anyone interested in the Austrian monetary thought.

David Howden reveals how banking, especially fractional reserves and central bank manipulations, creates instability and inflation.

Dr. Sandy Klein walks through the origins and essential functions of money, showing how barter’s pitfalls led to the spontaneous emergence of money as a medium of exchange.