Currency
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Mises and Hayek: Two Complementary Critiques of Central Planning
Economists Ludwig von Mises and Friedrich Hayek explain why the promises of central planning are fundamentally unworkable insofar as no central authority can replicate the rational calculation of market prices or the coordination of dispersed knowledge.
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The Gold Standard, Explained
This explainer will outline what the gold standard was, how it operated, the benefits and criticisms surrounding it, and how its rise and eventual collapse shaped the global monetary system.
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How Currency Shapes Global Trade: Exchange Rates, Investment, and Stability
Free trade and free markets promote sound money, as countries compete for business and investment.
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CBDC Ban Does Little to Bolster Financial Privacy
“The battle for safeguarding individual rights over financial information and freedom from undue government control must encompass all forms of financial transactions, whether digital or physical.” ~Nicolás Cachanosky
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The Tragedy of the Monetary Commons
“While relatively well-functioning governments have managed to find mechanisms that mitigate the problem, it seems unlikely that Argentina and Brazil will be able to prevent a tragedy of the monetary commons given their history of money and fiscal mischief.” ~ Bryan Cutsinger
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Modeling the Money Supply
“We have to be very careful about generalizing across money and banking regimes. Many features of one system don’t translate to others. Depending on the ‘rules of the game,’ the supply of money responds to the price of money in very different ways.” ~ Alexander William Salter
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How Common Has Private Currency Been?
“Private banknotes can still be found in Scotland, Northern Ireland, Hong Kong, and Macau, where they have not yet been banned or taxed out of existence.” ~ Lawrence H. White
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Will Cash Soon Be Obsolete?
“Perhaps these trends will reverse. But it seems more likely that the reports of the forthcoming death of cash have been greatly exaggerated––that is, so long as the government doesn’t kill it.” ~ William J. Luther
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Problems of Federal Reserve Policy—and How to Solve Them
“To stabilize the economy, informed citizens must study the faults of discretionary central banking and call for reforms to protect against them. ‘Money and the Rule of Law’ accomplishes the first goal. The second is up to us.” ~ Thomas L. Hogan
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The Promise of Cryptocurrencies
“Cryptocurrencies have the potential to improve upon both commodity and fiat monies. If designed properly, a cryptocurrency would anchor long-run expectations and provide timely supply adjustments at a lower cost than commodity and fiat monies.” ~ William J. Luther
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The Banking System and the Evolution of Money
“Many of the public policies that shackle the financial sector are designed to do so, because they help governments accomplish some other political objective. Engaging these political considerations, and how they impinge on banking and finance, is critical if we want to understand the history of monetary institutions, especially in the United States.” ~ Alexander…
