Saturday, 22 July 2017

Money

The Inflation Tax

Posted by Jerry Jordan
July 20, 2017

Can you name an official at a major central bank who expresses worries that inflation is now, or soon will be, too high?  Can you identify any financial publication–even the Wall Street Journal–that does not report that recent inflation data have been “disappointing?” To paraphrase former President Nixon, are we “all inflationists now?” Twenty years […]

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The Regression Theorem: In Light of Bitcoin

July 18, 2017

In three previous posts, I have described the regression theorem, discussed its practical applications, and considered some misconceptions. In this post, I will consider the regression theorem in light of bitcoin. The discussion around bitcoin and the regression theorem usually focuses on whether bitcoin has some intrinsic worth (read: non-monetary use). If bitcoin is intrinsically […]

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The Regression Theorem: Misconceptions

July 13, 2017

In two previous posts, I described the regression theorem and discussed its practical applications. In this post, I will discuss some misconceptions. Misconception 1. The regression theorem only applies to a barter economy. In a recent article, Laura Davidson and Walter Block argue that the regression theorem is only applicable in a barter economy. It […]

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Money in Illiberalism

July 11, 2017

A liberal society is governed by the principles of private property and freedom of contract, under the aegis of a nondiscriminatory rule of law.  In such a society, money enables economic actors to coordinate their activities.  Money allows producers and consumers to find common ground, as profit-and-loss accounting enables producers to compare various lines of […]

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Money in Liberalism

June 19, 2017

One feature of a liberal society is that its institutions, and especially its formal institutions with coercive backing, are bound by a nondiscriminatory rule of law, and work to protect the sanctity of property and contract for all persons.  In such a society, the general laws of property, contract, torts, etc. govern the provision of […]

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Hayek on sensible monetary policy

Posted by Jerry Jordan
August 15, 2014
in Blog

Hayek on Sensible Monetary Policy This year marks the seventieth anniversary of the publication of “Road to Serfdom”by Frederick Hayek, as well as the fortieth anniversary of the award of the Nobel Prize in Economics to Hayek. Hayek’s enduring contributions to our understanding of the “Uses of Knowledge in Society”and characterization of markets as “mutualization […]

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