Introduction I recently watched a video from the Mises Institute (The Human Action Podcast) that presented a conversation between Robert Murphy and Patrick Newman about how the Austrian school of economics should respond to Modern Monetary Theory (MMT). This video provided an excellent example of why, after 20 years as a member of the Mises … Continue reading An Appropriate Austrian Response to MMT

Summary: The Federal Reserve’s influence on the money supply and interest rates does not seem to match reality. Introduction Several years ago, I put together a series of graphs to demonstrate the differences in the Federal Reserve’s influence on money supply and interest rates during the tenures of three Fed Chairmen — Paul Volcker, Alan … Continue reading Compare Former Federal Reserve Chairmen

Monetary deflation presents a potential danger to the Markets, The Evidence Based on data from the Federal Reserve Bank of St. Louis, the supply of dollars (M2) in the economy has been shrinking lately. With all the media chatter about interest rates and price inflation, the shrinkage in the money supply has received little, if … Continue reading Does the Shrinking Money Supply Portend Economic Trouble?

I originally posted this article 10/17/2023. but I left out the images. It deserves a revisit with the images included. Many years ago, I bought a stolen car. I did not buy this car from the person who stole it, but I did buy it from the person from whom it was stolen. Fortunately, he … Continue reading Who Owns Government Property?

Summary::Always and everywhere, only individuals can provide the source and measure of economic value. Introduction When anyone suggests the existence of intrinsic economic value, they confuse or mislead the listener or reader. Nothing contains intrinsic or objective economic value. The elegance of the Subjective Theory of Value lies in its 1) simplicity and 2) ubiquity. The subjective … Continue reading The Principle of Subjective Value