Sound Money
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Private Enterprise Can Manage Money Production
What we’ve learned is that money can be privately produced. Hayek’s dream of choice in currency can be reality. What form it will take in the future no one can know for sure. What’s more, there is no end game here. The process of innovation will never stop.
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Monetary Institutions and Self-Governance
The features of monetary institutions that make them illiberal have a high likelihood of making them undemocratic as well.
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Base Money and the Birth and Use of Credit Money
The complexity of credit markets creates difficulty for teaching monetary theory purely through reference to observed data. An appropriate framing should follow the evolution of money and credit.
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Working Paper Series, Volume 1 Issue 3
The third issue of the AIER Sound Money Project Working Paper Series is available online. AIER is currently ranked 76th on SSRN’s Top 1,600 Entrepreneurship Research & Policy Network Organizations.
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Setting Aside My (Fractional) Reservations
A decade ago, I was a fractional-reserve banking skeptic. Today, I’m all for it. Here’s why.
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Money and the Market Process
A market economy without money would not be able to achieve a division of labor sufficient to make it worthwhile.
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Hayek’s Commodity Reserve Currency
Hayek’s commodity reserve standard would automatically serve to stabilize prices and output. In our discussion of rule-based monetary policy and sound money, the mechanics and principles guiding Hayek’s proposal deserve careful consideration.
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Fiat Money’s Legal Monopoly
Requiring that citizens track transactions in gold or alternative currencies and pay taxes on gains and losses relative to the dollar is just another mechanism for keeping the monetary playing field unbalanced in favor of government fiat.
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Your Signature No Longer Matters
The personal signature has a notorious history: J.S. Bach’s on his compositions, the founding fathers on the Declaration of Independence, Picasso on his paintings, and the president’s today on executive orders. Creating your own was a right of passage. With credit card companies admitting the obvious that it does nothing to verify your identity, does…
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Working Paper Series
The first two issues of the new AIER Sound Money Project Working Paper Series are available online.
