The Chicago-Virginia tradition of political economy has rejected both competitive money production and money's politicization via post-constitutional bargaining, opting instead for constitutionalization. This paper provides a constitutional political economy of the costs of inflation and argues...

This study examines the history and operation of the Federal Reserve System (“the Fed”). It explores the Fed's origins in American economic history and emphasizes the political compromises that produced it. It seeks to provide an accessible explanation of how the Fed attempts to change the...

Modern macroeconomists in the Austrian tradition can be divided into two groups: Rothbardians and monetary equilibrium (ME) theorists. It is from this latter perspective that we consider the events of the last few years. We argue that the primary source of business fluctuation is monetary...

The causes of the Great Recession lie in misguided government policy, not in the underlying workings of the market.Executive Summary:For many, the Great Recession and the boom that preceded it are evidence of the failure of the supposed deregulation of financial markets in the last decade and...