Monetary Policy

Monetary Central Planning and the State

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  Part 1: A Little Bit of Inflation Never Hurt Anyone. Right? Part 2: The Rationale of a Stable Price Level for Economic Stability Part 3: The Federal Reserve and Price-Level Stabilization in the 1920s Part 4: Benjamin Anderson and the False Goal of Price-Level Stabilization Part 5: The Austrian Economists on the Origin and Purchasing Power of Money Part 6: Ludwig von Mises and ... [click for more]

Freedom, Not Growth

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All politicians favor economic growth. They all promise to create jobs and "grow the economy." That is a vintage Republican issue, but the Democrats aren't dummies. Many of them have learned that the old appeal to class warfare and other quasi-Marxist themes are passé. They too have thrown themselves onto the growth bandwagon. Bill Clinton's so-called New Democrats can ... [click for more]

The IMF Doesn’t Deserve a Capital Boost

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For more than four decades, the U.S. has been the largest contributor to not only the IMF but also to all of the other multilateral-aid institutions, such as the World Bank. Indeed, Washington even provides the largest check to the African Development Bank, the Asian Development Bank, the European Bank of Reconstruction and Development, and ... [click for more]

Hepburn v. Griswold

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In 1860, Susan P. Hepburn executed a promissory note in which she expressly promised to repay a loan of one thousand dollars. When the note came due in 1862, Hepburn tendered to Henry A. Griswold, the owner of the note, United States governmental notes totaling the amount of the debt. Griswold refused the tender and sued Hepburn for his ... [click for more]

Playing Monopoly in the Real World

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There are three major monopolies in the United States that have plagued the American people throughout most of this century. Yet despite their professed opposition to monopolies, the American people simply cannot bring themselves to end them. But end them we must — for they are among the most tyrannical and destructive aspects of the American welfare-state, regulated-economy way ... [click for more]

Quick Fixes and Economic Fallacies

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The famous English economist Alfred Marshall is reported to have once remarked that "students of social science must fear popular approval; evil is with them when all men speak well of them. If there is any set of opinions by the advocacy of which a newspaper can increase its sales, then the student . . . is bound to ... [click for more]
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