In a story about entrepreneurship, you might not expect the main character to be a military colonel. Common perception tends to see the entrepreneur as one who builds a firm, attempting to earn…

The 2008 housing crisis led to a record number of home foreclosures. In response, millions of Americans demanded accountability from financial markets. To some, the crisis served as proof of the…

I realize I may have lost some readers just by the title of this post. It turns out only 6 in 10 Americans have a positive view of the word “capitalism.” This is despite 85 percent of Americans having…

Many people are familiar with the gold standard, but few understand it. The gold standard was the system whereby gold and claims to gold were used as money.

For nations operating under the gold…

The development of cryptocurrencies has provided new, highly liquid substitutes for dollars and other national currencies. I expect that this will radically transform — and help stabilize — banking.…

When we think of the state of North Dakota, we seldom imagine it as a modern-day Orwellian nanny-state, dripping with paternalistic policies created “in our best interest”. But just how paternalist is…

Macroeconomists typically have an aversion against deflation. The belief is that deflation is associated with economic downturn. It is to be avoided at all costs. As the gold standard tended to be…

Congress recently passed the Tax Cuts and Jobs Act, which temporarily lowers individual income taxes and permanently cuts corporate income taxes. This move has been celebrated by the business…

Earlier this month, minimum wage hikes took effect in 18 states. Thankfully, North Dakota wasn’t one of them.

Proponents of minimum wage increases argue that these policies help support low-income…

In a previous post, my colleague Alex Salter reflected on the significance and compatibility of the Mengerian and chartalist theories of money. The Mengerian theory argues that money arises in the…