This article is now a place holder. I realized that to fully attack the question of sound money, I must first discuss inflation and the business cycle. I will re-write this article once I am done with those. In the meanwhile please see the other articles on money. And below are the conclusion and references from previously:
Conclusion
The above discussion yields 3 conclusions. First, that we should affirm the markets choice for money. Second, that a fiat money system removes accountability from government. Third, that fiat money causes structural damage to the production structure and undermines the process of wealth creation. The only viable monetary system is a 100% gold standard (or whatever standard the market selects).
References
The case for the barbarous relic, by Lew Rockwell.
Ludwig von Mises on sound money.
Price stability, by Frank Shostak.
Price stability, by Thorsten Polleit.
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2 comments:
Hey!
Im hosting a Market Anarchy Blog Carnival over at my blog, The Radical Libertarian.
Ive liked your Austrian Economics Explained blog for some time, and I even link to it from my site. I thought you might be interested in submitting an article for the Carnival. Id really love to include in the Carnival something from your blog!
The deadline for submissions is Oct 28th, 2007. The Carnival will go up on Oct 29th. You can find all the details here.
Hope you send something in, and thanx for your time :)
ound money, in economics, is a concept defined by Deardorff's Glossary of International Economics as "a currency that is responsibly managed so as to avoid excessive inflation."One reason America has always prosered is the existence of sound money. Its importance should not only never be taken for granted; it should never be allowed to disappear.The important word here is commodity, something possessing recognizable value unto itself. When a commodity is chosen to be money, it is selected because of its universally accepted value. Experience also shows that whatever is chosen as money should be durable, divisible, transportable, and relatively scarce. As soon as a commodity becomes accepted as money, the cumbersome and frequently unworkable system known as barter loses favor. A medium for exchange now exists
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james wilkins
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