stack of books

In December 1946, Clark Warburton published an article in the Political Science Quarterly titled, “Monetary Control under the Federal Reserve Act,” which was reprinted in chapter 14 of his landmark book, Depression, Inflation, and Monetary Policy (1966). He argues that the Federal Reserve’s failure to prevent the…

Hyperinflation

"The fateful errors of popular monetary doctrines which have led astray the monetary policies of almost all governments would hardly have come into existence if many economists had not themselves committed blunders in dealing with monetary issues and did not stubbornly cling to them." —Ludwig von Mises,…

Bitcoin

Many economists acknowledge that ordinary private goods and services need to “pass the market test”—generate revenue in excess of expenses—to show that consumers’ benefits (revealed by a willingness to pay) exceed producers’ outlays. But they make an exception when it comes to monetary instruments and payment systems….