Following the 2008/09 financial crisis renewed attention has been given to the ability of central banks to effectively monitor the quantity of money in circulation. We present a new definition of the money supply called “Austrian money supply” (MA) and apply it to the UK economy. Unlike...

This paper seeks to provide a distinctly Austrian interpretation of the financial crisis and subsequent recession that affected the UK economy in 2007-2010. In doing so it challenges the conventional wisdom that focuses on poorly aligned incentives, providing a theoretical and empirical claim...

This article argues that although economic science is not well equipped to make predictions, it is a myth to claim that “no one” saw the financial crisis coming – the economic events that we have experienced were possible to navigate. Section 1 surveys those who saw it coming,...

On a recent trip to London you decided to visit the Bank of England museum, and played the infamous “Monetary Policy Balloon game”. In fact, you played it so well an alarm sounded and several men wearing black suits asked you to accompany them “upstairs”. You are told that the Governor,...