Monetary Theory

Scott Sumner's Market Monetarist framework is seductively simple, but relies on a definitional trick.

Mises advocated free banking because he thought it would restrain fractional reserve banking, which he viewed as the cause of unsustainable booms.

Economists usually sneak in their own value judgments when claiming they are for objectively "optimal" monetary policy.

Though the descent of Keynesian doctrine from intellectual respectability can be denied no longer, it still gravely threatens sensible monetary policy.