10. The Gold Standard in Theory and Myth

10. The Gold Standard in Theory and Myth

Author: Joseph T. Salerno June 11, 2005 Duration: 0:00
The mythology of gold really grew up with Keynes and the quantity theory. Here are six of those myths: the gold standard is unable to accommodate the needs of an growing economy; the quantity of money is arbitrarily determined; the gold standard is a government price fixing scheme; the gold standard subjects a country to alternating inflation and deflation; the gold standard requires high costs devoted to resources; and the gold standard results in high interest rates.

In this series of ten formal lectures, economist and scholar Joseph T. Salerno offers a deep and structured exploration of the ideas that define the Austrian tradition. The Austrian School of Economics: Revisionist History and Contemporary Theory podcast moves beyond introductory summaries to engage with the nuanced intellectual battles and theoretical refinements that have shaped this school of thought. Salerno’s presentations function as a guided seminar, meticulously unpacking the contributions of key figures like Carl Menger, Ludwig von Mises, and Murray Rothbard, while also challenging conventional narratives within the history of economic ideas. Listeners will encounter rigorous analyses of capital theory, monetary dynamics, and the fundamental critique of centralized economic planning, all grounded in a framework that prioritizes individual action and market processes. This isn't a casual discussion format; it's an academic resource presented with clarity and depth, preserving the substance of a live lecture series. For anyone seeking a systematic and authoritative audio course on Austrian economics-from its philosophical roots to its modern interpretations-this podcast provides a comprehensive foundation. The complete series, delivered by Joseph T. Salerno, stands as a persistent educational tool, dissecting how revisionist historical perspectives inform vibrant contemporary debates in economic theory.
Author: Language: en-us Episodes: 10

Austrian School of Economics: Revisionist History and Contemporary Theory
Podcast Episodes
Forerunners of the Austrian School: The French Liberal School [not-audio_url] [/not-audio_url]

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Although often neglected by the English-speaking world, the French Liberal School of the nineteenth century has long provided a robust foundation for modern laissez-faire economics and the pro-freedom ideology we now som…
8. The Debate on the Socialist Calculation Debate [not-audio_url] [/not-audio_url]

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The debate still continues. It is all about Mises’ initial article and then book on Socialism in 1922. He demonstrated the necessity of the price system and showed how subjective values were transformed into objective pr…
6. Keynes and the 'New Economics' of Fascism [not-audio_url] [/not-audio_url]

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Monetary inflation is the key way to bring about economic fascism. Fascism was a spending, borrowing government, militarism, imperialism, and a planned economy. Keynes’ followers came to power in the 60s with the Kennedy…
5. Modern Monetary Theory: The Austrian Contribution [not-audio_url] [/not-audio_url]

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Monetary theory is where Austrians diverge the most from mainstream. Mises built a new taxonomy of money. He said money included any checking account deposits. The marginal utility of gold on the last day of barter was d…
4. The Theory of Monopoly Price: From Menger to Rothbard [not-audio_url] [/not-audio_url]

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Prior to Mises there had been nothing written on the theory of monopoly price. Mises felt there could be some limited times of monopoly on the free market, e.g. diamond mines, but Rothbard felt that there could not be mo…
3. The Revival of the Austrian School: Mises and Rothbard [not-audio_url] [/not-audio_url]

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There were reasons for the decline of the Austrian School before its revival and rebirth by Mises and Rothbard. There was an Israel Kirzner view in the 1970s that the Keynesian avalanche had buried Austrian economics in…