Mises on Money
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- เผยแพร่เมื่อ 8 ก.ย. 2024
- The Theory of Money and Credit-Mises's first major work-revolutionized economics by introducing a new theory of how and why money has value.
It deserves serious attention, and Dr. Jeffrey Herbener (Mises.org/Herbener) joins The Human Action Podcast for an extended discussion of this seminal work and the achievement it represented.
The Theory of Money and Credit (FREE! PDF, ePub, and Audiobook): mises.org/libr...
Use coupon code HAPOD for $5 off the hardcover edition ($15) at Mises.org/TMC
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really nice podcast, i just finished "The Theory of Money and Credit" and "Nation, State, and Economy" a couple of days ago, currently finishing "Socialism" and will start reading "On the Manipulation of Money and Credit" next
you could do such podcast on every Mises book!
I hope you are now well versed in Mises' thought.
I think these longer, much more involved interviews about economics are excellent. Dr. Herbener is very good. I took his course at Liberty Classroom for intro Austrian and why mainstream textbooks of economics suck.
I am a 30 year old that discovered Austrian Economics a year ago.
I’m trying to figure out how to (financially) return to college to study economics, theoretically at George Mason University.
I have Menger’s Principle of Economics, Mises Theory of Money and Credit, and Human Action, Hayek’s Road to Serfdom, Constitution of Liberty, and Individualism and Economic Order. Adam Smith, both books, and a few others (Thomas Jefferson’s notes on Virginia) some Milton Friendman, etc... trying to advance my volume, but this is a lot of material to get through.
Also, if the Mises Institute could adopt me, that would be awesome. I’m bright and capable, i just need a group of people capable of helping me. Not sure if the Mises Institute does internships for non-college educated economic students. I would certainly be willing to sacrifice what is necessary to make it happen.
Are you aware of Mises University? It’s a program they run every summer. I’ve been wanting to go myself.
Adam Podraza I am slightly familiar with it. I feel as though I recall one needing to be a college student (which I am not), and if it costs money, I have none. I’m willing to learn everything there is to become an Austrian Warrior against the evils of this world, but I need the old school apprenticeship style, live-in, living expenses covered method of old that allowed the uneducated to become a master.
Adam Podraza it is also only 6 days.. I need it to be year round until I become completely versed in everything. It’s not economical for me to move from the northeast to auburn for 6 days mid summer.
@@jsallerson find me on facebook.
Honestly, don't go back to a university to study econ. Unless you just have tons of time and money to blow, it's best to keep your interests like this as hobby. The university is just going to force you to study and write about non-Austrian economics.
Do something productive with that capital instead - perhaps start a non-profit and create literature for lay people or something?
Wow, what a fantastic coincidence, i am reading TMC right now! I just finished Conceived in Liberty so I was in the mood for a light read. ; 0
Damn, I only got through like 200 pages of that.
Diest's 4 treatise:
1) Theory of M&C by Mises
2) Principles of Economics by Menger
3) Man, Economy, & State by Rothbard
4) Human Action by Mises
tbh, googled it and couldn't find joe saying this.
man, you guys covered everything!
The idea of interest accrual can be accommodated neatly by creating value - separate and unequal - altogether different than the money that lubricates an economic system.
This will discourage the greed - unchecked wealth accumulation - that denigrates money-based economies.
This " interest value " could represent investment into
the overall success of a particular economy.
I started reading the Theory of Money and Credit a couple months ago. I can't say that it's "easy" reading compared to the modern literature of today. It sometimes takes me 5 to 10 minutes to get through one page and I have to really concentrate that he isn't speaking of someone else's Theory and I'm mistaking it for his own. I am about 140 pages into it now. Perhaps it will get a little easier the further I get into it and I get accustomed to his writing style. I'm really hoping to get a good grasp of money and the banking system today.
Thaddaeus Bappe listen to the audiobook. Mises .org it’s free
1:04:52 If deflation is greater than interest rates, and assuming Bitcoin is no longer monetizing at the expense of other assets but fully adopted, doesn't this imply that the lower prices necessarily have to come from productivity gains? Otherwise, what else could be causing prices to fall?
And in such a case, why exactly would we need lending to earn interests when we can likely get more returns as an investor with equity in the business?
I enjoyed it.
I also add myself to the number of people not following the argument advanced at 1:04:30, regarding the problems stemming from a fixed quantity of money (bitcoin in the example). I suspect it's bogus but I can't put my finger on it.
why isn't Hayek's "Prices and Production" mentioned amongst the 4 pillars of Austrian economics?
Episode 241? Thought this thing just started?
Only an Austrian Prof would use a textbook that is readily available as PDF for free on the internet as the main text or as a $12 paperback; most Keynesian's are more likely to promote someone on the staff or their own text that costs $120+ new.
Were governments not incentivized to inflate the money supply under the gold standard?
Coin clipping was a problem back in the day…
But bitcoin is extremely divisible
Bitcoin is the way to go, these intellectuals are not up to date - understandable.
@@liuzhen2008 what I think comment was about the difficulties of bitcoin becoming a one world master currency. But the more likely scenario is itll be an option among many
@@johnblackburn7752 when money is free flowing i don't think "many" moneys make sense. It will likely be one dominant money everybody uses and a few hundreds / thousands of pyramid schemes socialist money =D
If deflation rose to the point that it outpaced interest rates, then people would not need to borrow money, they could save and buy what they need outright and own it free and clear. I don’t understand why Herbener thinks that would be a bad thing.
Herbener's reference is to BitCoin with its limited issue of 21M. This could never happen with gold and silver because as the relative value of the metals increased minors and mints would produce more, foreigners would purchase more, savers would save less and spend more.
Interest is the thing you are interested in (that someone produced) and you issued credit to (spent money to) buy. Interest should be commodities rather than money stock. The question is who (if not the government) should coordinate a standardized term duration for credit used for half-barter transactions in the market.
Haven't listened to all of it yet, but it should be noted that Mises considers both inflation and deflation as harmful. I'd like a comment on that
If you define inflation and deflation as an artificial manipulated increase or decrease the supply of money, then yes, Mises would be against both. Mises was never against rising or falling prices.
Thomas Jefferson felt the same way about both.
@@edwaggonersr.7446 I'm also not talking about inflation and deflation in the modern sense, of raising and falling prices, but of changes to the quantity of money. You added the word "artificial" there which I'm not sure what it means in this context. But if lots of people suddenly decide to hide large amounts of cash under their mattresses, wouldn't that count as a harmful deflation? If yes, how would one argue against the follow up that "hence, government should intervene and smooth out such 'arbitrary' changes in the quantity of money"? Though I recall that Mises explains that one such change doesn't cure a previous one, eg a future inflation won't remove the harm of a past deflation, but add to the harm. Though I still feel I'm missing something
@@DimitrisAndreou If lots of people suddenly had a long time preference for money (gold/silver) and held it off the market, all other gold/silver still in the market place would rise in relative value. The withholding of money (some call it hoarding) can have various causes, for example: expectation of famine, or war, or domestic upheaval. In these cases hoarding would be quite prudent. The increase in relative value of money caused by hoarding would also encourage those with shorter time preferences to spend their savings into the market, this would mitigate the actions of those with longer time preferences. Not to mention the flow of money (gold/silver) into the country by foreigners anxious to take advantage of the lower prices brought about by savers with a long time preference. Bear in mind too that the price of wages are stickier than the price of goods and services. High wages prices relative to lower goods prices will encourage wage earners to save less and spend more. These are not arbitrary changes. No need for the STATE to intervene with an arbitrary action.
@@edwaggonersr.7446 My point is: wouldn't this qualify as an "artificial" deflation? Wouldn't Mises also see it as harmful, just like inflation in reverse? Or let's say there's a lot of hoarded money and suddenly it reenters circulation (though Mises view would probably be that it never left circulation), would that qualify as inflation? Never
Benefitting those receiving the money first, harming those receiving it last?
The best part about crypto is most are not centrally controlled by the government, so they cannot control inflation or deflation. The best coins are decentralised.
Gold had the same issue as bitcoin. There is only so much gold on the earth that can be dug up economically.
We could also get to the point technology wise where we could make gold. Then we wouldn't have this issue.