The Crime of ’71: When Nixon Ended the Dollar’s Last Connection to Gold
byAlmost fifty years ago, on August 15, 1971, the US administration under President Richard Nixon (1913–94) abolished the gold redeemability of the US dollar….
Concepts in economics and the facts of reality
byBy Dr Frank Shostak In his Philosophical Origins of Austrian Economics (Mises Institute Daily Articles June 17 2006), David Gordon writes that Bohm Bawerk…
Carl Menger Explains Value
byBy Antony P. Mueller The General Concept of Value The value of a good results from the knowledge that each partial attainment of that…
Scenarios for China’s dual circulation strategy
byby Dr. Junhua Zhang In May 2020, President Xi Jinping unveiled the dual circulation strategy (DCS). The plan aims to create a new development…
Are savings harmful to economic growth?
byBy Dr Frank Shostak Most commentators’ regard savings as harmful to economic growth on the ground that savings are associated with fewer outlays. These…
Can consumer and business surveys ascertain the future direction of economy?
byBy Dr Frank Shostak In order to gain insight into the current and future state of an economy, many economists hold that it is…
More Government Debt as Far as the Fiscal Eye Can See
byor the last two years, the federal government has been legally at liberty to borrow any amount of money necessary to cover its deficit…
Western socialism and Eastern capitalism
byThere has been a significant shift in geopolitics in recent months, with the US consciously deciding to withdraw from Asian conflicts, notably in Afghanistan….
The EU’s proposed regulation of markets in crypto assets
byby Professor Elisabeth Krecké Cryptocurrencies are no longer a marginal phenomenon limited to nerdy online communities. They are increasingly acquired by companies, investment funds…
Gold standard and boom bust cycles
byBy Dr Frank Shostak According to the Austrian Business Cycle Theory (ABCT), the boom-bust cycle emerges in response to a deviation in the market…