Good Money Part II: The Standard, by Friedrich Hayek

In Full Archiveby Nathan Lewis

As promised, we continue now with Friedrich Hayek’s post-WWII monetary papers, as compiled by Stephen Kresge in Good Money Part II: The Standard. As I’ve warned, “the standard” is, alas, not gold. Let’s see what Hayek has to say about it. January 13, 2019: Good …

The Problem With “Modern Monetary Theory” Is That It’s True

In Full Archiveby Nathan Lewis

(This item originally appeared at Forbes.com on February 21, 2019.) “Modern Monetary Theory”basically posits that a government can pay its bills by printing money. What exactly is so “modern” about this I don’t know. In the third century, the Roman government started paying its bills …

Good Money Part I #3: The Depression Years

In Full Archiveby Nathan Lewis

We’ve been talking about Friedrich Hayek’s writings on monetary topics from before World War II.  January 13, 2019: Good Money, Part I: The New World, by Friedrich HayekFebruary 10, 2019: Good Money Part I #2: Hayek’s Early Enthusiasms I’m not sure how much we …

Good Money Part I #2: Hayek’s Early Enthusiasms

In Full Archiveby Nathan Lewis

We were looking into Good Money, Part I: The New World, a compilation of Friedrich Hayek’s early papers on monetary topics. January 13, 2019: Good Money Part I: The New World, by Friedrich Hayek What I discovered from this book, and its companion Good Money Part …

Let’s Not Replay The Same Old Taxation Failures

In Full Archiveby Nathan Lewis

(This item originally appeared at Forbes.com on February 4, 2019.) The idea of income tax rates of 70% and above is making a strange comeback. You would have thought this notion would have died out by now, along with other once-fashionable twentieth-century failures like Soviet …

Good Money, Part I: The New World, by Friedrich Hayek

In Full Archiveby Nathan Lewis

Good Money, Part I: The New World(1999) is a series of papers written by Friedrich Hayek in the 1920s and 1930s, edited by Stephen Kresge. They apparently constitute all of Hayek’s major papers on monetary topics during that time.  Back when I was just …

Britain’s Return to Gold In 1925

In Full Archiveby Nathan Lewis

Today, I thought I would say something about Britain’s return to the gold standard at the prewar parity value in 1925. This is often portrayed as a big mistake. But, it doesn’t seem like that big of a deal to me. Basically, it involved …