Tag Archive: Carl Menger

Ludwig von Mises & “Circulation Credit” Theory of the Trade Cycle

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] Starting with Carl Menger’s undisputed role in the “marginal revolution,” which ushered in subjective value theory, the Austrian school has made important contributions that have been absorbed into standard economic theory.

Read More »

Is the Economy a Machine?

  A Science Goes Astray Human beings have a strong tendency to look for patterns. The natural sciences have shown that the universe is governed by laws, the effects of which are observable and measurable in an objective manner. Mostly, anyway — there...

Read More »