Man of the Century: Mises and His Works #1 – The Theory of Money and Credit With Jeffrey Tucker

Related Discussions

  •  Matt Powers

    Should a new altcoin protocol allow for transaction reversibility?

    It appears to me that one of the biggest drawbacks to the current model of cryptocurrencies is the lack of reversibility in transactions. Historically, third parties such as banks have enabled transactions to be reversed, such as refunds or guaranteeing purchases. I think that if cryptocurrencies want to avoid third parties as much as possible, they should adopt a method for reversing transactions for the purpose of dispute resolution. Thoughts?

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  •  Luke Avedon

    How is Seigniorage calculated?

    Hello, I’ve become quite keen on Jeffrey Rogers Hummel views on inflation. https://fee.org/articles/governments-diminishing-benefits-from-inflation/ That governments don’t get as much cash money as they used to from Seigniorage(money printing)…becuase of some details of the modern banking system. Hummels view is that the US Gov is more likely to actually default on it’s bonds than print it’s way out of it’s financial problems as so many of us libertairans often predict. Any way…. how are people actually calculating the revenue states are getting from seigniorage? There is constant mention to specific statistics in his works on what revenue governments make from printing money…but how are economists attempting to calculate this so exactly? “Almost none of the developed countries could boast seigniorage amounting to more than 1 percent of GDP, despite the fact that the study incorporated the inflationary years of the 1970s. Joseph H. Haslag’s smaller sample of 67 countries over a longer period, 1965 to 1994, finds that seigniorage averaged about 2 percent of total output for the entire sample, ranging from as low as 0.25 percent to as high as 9.98 percent (for Ghana).” However, I’m not smart enough to figure out how this is being calculated? When I Google — I see Seignoarge defined as the cost to money vs what the money is worth. (if it costs 1cent to print a dollar bill than Seigorage is 99cents). Pennies have negative seigniorage — cost the Gov more to mint than 1 cent.) But for the point Hummel is making it seems like a more sophisticated calculation? How did people figure out that for example in WW2 seignorage was 6%? Perhaps this is rather obvious? Thanks! –Luke

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  •  Charlene Sheldon

    The Money Changers

    Who are the money changers? What role have they played in history?

    Jump to Discussion Post 2 replies
  •  Charlene Sheldon

    The Power of Compound Interest

    A Penny Doubled Dailey For Thirty Days comes to a Total of $5,368,709 and 12 Cents. 1 .01 2 .02 3 .04 4 .08 5 .16 6 .32 7 .64 8 1.28 9 2.56 10 5.12 11 10.24 12 20.48 13 40.96 14 81.92 15 163.84 16 327.68 17 655.36 18 1,310.72 19 2,621.44 20 5,242.88 21 10,485.76 22 20,971.52 23 41,943.04 24 83,886.08 25 167,772.16 26 335,544.32 27 671,088.64 28 1,342,177.28 29 2,684,354.56 30 5,368,709.12 Is the power of compounding working for you or against you?  Hint: are you paying interest or making interest?

    Jump to Discussion Post 6 replies
  •  B.K. Marcus

    Is Bitcoin a Commodity?

    In What Has Government Done to Our Money? Murray Rothbard writes, A most important truth about money now emerges from our discussion: money is a commodity. Learning this simple lesson is one of the world’s most important tasks. So often have people talked about money as something much more or less than this. Money is not an abstract unit of account, divorceable from a concrete good; it is not a useless token only good for exchanging; it is not a “claim on society”; it is not a guarantee of a fixed price level. It is simply a commodity. It differs from other commodities in being demanded mainly as a medium of exchange. But aside from this, it is a commodity — and, like all commodities, it has an existing stock, it faces demands by people to buy and hold it, etc. Like all commodities, its “price” — in terms of other goods — is determined by the interaction of its total supply, or stock, and the total demand by people to buy and hold it. (People “buy” money by selling their goods and services for it, just as they “sell” money when they buy goods and services.) [emphasis added] @mattgilliland said in last week’s bookworm hangout that he considers this a potential problem with the WHGDtOM, if taken literally — a problem that only becomes evident with the advent of cryptocurrency. But I guess I need someone to explain to me why Bitcoin isn’t a commodity. It certainly seems to fit Rothbard’s implicit definition in the above passage.

    Jump to Discussion Post 41 replies

Description

Ludwig von Mises’ story is inspiring; he was an incredible and pathbreaking economist, a tireless defender of classical liberalism, and a tremendous influence on many economists both in his time and today. Jeffrey Tucker hosts this incredible 9-part series on the life and contributions of Mises Thursdays beginning September 18th at 2:30pm EDT right here on Liberty.me.

This installment of The Man of the Century will explore Mises life in the early years, as he published his first book, “The Theory of Money and Credit.” This incredible work, which was used as a textbook for decades, established Mises among his colleagues as a force to be reckoned with and laid the foundations for Austrian business cycle theory. Want to learn more? Join Jeffrey Tucker September 18th at 2:30pm EDT!

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