Roy Jastrams’ “The Golden Constant” is often cited as offering support for the arguments of the Goldbugs (by which term I seek to differentiate those who treat the metal as a fetish from the rest of us rationalists who know it would provide us with a much better money than the one we use today, but who resignedly acknowledge its restoration is politically unthinkable for exactly that reason). However, a logical consideration of Jastram’s wholly empirical conclusions show there is less at which to be surprised than some seem to think. More here.
Source link: http://archive.mises.org/3560/an-austrian-critique-of-jastram/
An Austrian Critique of Jastram
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This is pretty unrelated to the post, but I’ve been wondering if any research has been done on the evolution of private currencies? It seems to me like private currencies are everywhere all the sudden. Im still pretty unfamiliar with Austrian monetary theory, but it seems to me like private currencies fit the spirit of Austrian economics, but clash with the emphasis on gold. If gold is the currency of choice for Austrians because it tends to have a voluntarily-accepted value as opposed to a government mandated one, than it would seem that Austrians would like private currencies just as well.
So what do Austrians think of my Visa Extras and my NorthWest Frequent Flier Miles? And do you think that as investors grow less tolerant of politically managed central banks, maybe private currencies could come to dominate?
-Matt
This is pretty unrelated to the post, but I’ve been wondering if any research has been done on the evolution of private currencies? It seems to me like private currencies are everywhere all the sudden. Im still pretty unfamiliar with Austrian monetary theory, but it seems to me like private currencies fit the spirit of Austrian economics, but clash with the emphasis on gold. If gold is the currency of choice for Austrians because it tends to have a voluntarily-accepted value as opposed to a government mandated one, than it would seem that Austrians would like private currencies just as well.
So what do Austrians think of my Visa Extras and my NorthWest Frequent Flier Miles? And do you think that as investors grow less tolerant of politically managed central banks, maybe private currencies could come to dominate?
-Matt
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