Tag Archives: Money

The Great Depression in Britain (1873-1896) : the Myth that Deflation Lowers Economic Growth

The problems of the Great Depression (1873-1896) have been falsely to secular declines in prices. To begin, it was not clear there were any troubles during this period and even if it was the case, they were of trivial importance. … Continue reading

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An account of the good deflation in the American economy of 1870s-1890s

The american economy in the 1873-1896 is usually portrayed as the Great Depression of 1873-1896 (Wikipedia). But to say this is a myth is not very far from the truth (Higgs, 1971; Catalan, 2011). One feature of this period is … Continue reading

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Historical evidence of anti-Gresham’s Law

The book Good Money (Selgin, 2008) already showed us that the idea of Gresham’s law as a natural feature of free market is just plain wrong. Historical evidence of anti-Gresham’s law is so rare that it is even more important … Continue reading

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The problem of Money as Debt

Paul Grignon, in his video Money as Debt (see his channel), claimed that the lending of money by commercial banks by definition results in indefinite growth of private debt. People cannot repay the interest rates charged by the banks, either low … Continue reading

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Less than Zero: The Case for a Falling Price Level in a Growing Economy

Less than Zero: The Case for a Falling Price Level in a Growing Economy George Selgin, 1997.

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Reisman’s Defense of a Falling Price Level (Not Deflation) in a Growing Economy

Capitalism: A Treatise on Economics by George Reisman, 1996. CHAPTER 12 MONEY AND SPENDING 3. The Quantity of Money and the Demand for Money […] The demand for money is determined by a variety of factors. One of the most … Continue reading

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The Tragedy of the Euro, by Philipp Bagus

The Tradegy of the Euro, Philipp Bagus (2008), Ludwig von Mises Institute. Chapter 4 Why High Inflation Countries Wanted the Euro Socialized Seigneuriage Some countries, especially France, made gains at the expense of the Germans due to a socialization of … Continue reading

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Good Money, by George Selgin

Selgin, G. A. (2008). Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821. University of Michigan Press. Available at Amazon, Mises Store, and Independent Institute. Foreword, by Charles Goodhart This book details the fascinating … Continue reading

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Understanding the True Nature of Inflation : Legal Tender Laws

Jörg Guido Hülsmann, The Ethics of Money Production Chapter 9 : Legal Monopolies 1. Economic Monopolies Versus Legal Monopolies For example, the legal monopoly might provide that only silver may be used as money, or that only the bank X … Continue reading

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Sraffa and Hayek on Multiple Interest Rates

There is something wrong with anti-austrians’ view on the multiple interest rates. I want to clarify this point. Dr. Hayek on Money and Capital – by Sraffa If money did not exist, and loans were made in terms of all … Continue reading

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