Vol. 24, Issue 4, 2021

Griggs and Murphy show that the Rothbard-Salerno measure of the "true money supply" tracks Treasury bond spreads well, supporting the Austrian business cycle theory's explanation of yield curve predictive power.

Was Ford's five dollar day an efficiency wage, rent-sharing, or a high-wage doctrine? Nathaniel Smith argues that Ford was behaving as a profit-seeking entrepreneur.

Explains the origin of the natural monopoly theory, the illusion that monopolies can be efficiently controlled by regulation. Railroads are not natural monopolies.

Are a deposit and a loan mutually exclusive? Or is a deposit contract legitimate even if it permits banks to engage in fractional reserve lending? Evans discusses these hybrid contracts.

Robert Murphy reviews Earle and Luther's _The Gold Standard_, finding it a balanced and useful defense of an underappreciated monetary institution.

Patrick Newman reviews Earle and Luther's _The Gold Standard_, seeing in it an honest and informative assessment of the gold standard, though not without some omissions.

Greg Kaza reviews Brian Domitrovic's book on Arthur Laffer--his communication of economic ideas and his interactions with U.S. policymakers prior to meeting Ronald Reagan.

Peter Earle reviews Boettke, Salter, and Smith's argument that the rule of law should be brought to bear on the Federal Reserve, to rein in its distortions and disruptions.