In the middle of the twentieth century, just five years before Arrow and Debreu proved the existence of an equilibrium for a competitive economy in the Walrasian system, Ludwig von Mises introduced the English-speaking world to his alternative equilibrium construct: the evenly rotating economy....

The Austrian economists Ludwig von Mises and Friedrich A. Hayek developed a unique theory of the business cycle. In their view, an unsustainable boom ensues when the rate of interest prevailing in the market falls below the natural rate. The boom is characterized not only by an increase in...

It is common to hear that working-class wages have stagnated; that many prime-age workers today are worse off than their parents were; and that the economy is rigged for all but those at the very top. In a new book titled The American Dream Is Not Dead (But Populism Could Kill It), Michael R....

Cryptocurrencies have the potential to improve upon both commodity and fiat monies. I consider the rise of bitcoin and its underlying blockchain technology. I discuss obstacles to greater adoption and explain how some alt-coins have taken steps to resolve some problems with bitcoin. Finally, I...

To understand the historical performance of the gold standard and the prospects for a future gold-backed money, one must have a firm understanding of how a well-functioning gold standard works. We focus on the endogenous supply of the gold standard. We describe a simple model that demonstrates...