On the Austrian Theory of Money, a Reply to David Graeber

(Austrian) Economics, History
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David Graeber and Robert Murphy have been debating the validity of the monetary regression theory.  They seem to be talking past one another.  Graeber is assuming that Austrian theory agrees with neo-classical theory in areas where it does not, and Murphy is assuming that Graeber is substantially more familiar with Austrian ideas than he seems to be.  To clear up the confusion, we need to take a step back and start at the beginning.

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Crying Over Spilled Trash

Environment, Humor
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I came home yesterday to find that someone emptied our outdoor waste receptacles (read: garbage cans) onto the sidewalk, most likely to root through them for valuables, you know the sort that the state extorts a $0.05-$0.15 bounty in advance for their rendition to the local bailiff for redemption.

This isn’t the first time that profit-seeking scavengers have combed through our trash for illegally-discarded recyclables, but most of the time they are kind enough to retie the bags and place them back where I left them. I suppose this may be a new low in the professional salvage business.

 

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It’s always sunny in Washington

Business, Mercantilism
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The future's so brightSolyndra, the solar panel manufacturer who abruptly shut its doors last week and filed for bankruptcy, received a $500 million loan guarantee in 2009 from the Department of Energy, who was so eager to prop up President Obama’s “green jobs” initiative that it short-circuited its own review process to approve the loan, which probably had nothing to do with the sizable contributions Solyndra’s backers made to the Obama campaign.  This is no doubt an embarrassment for the president, but I’m sure that had nothing to do with Federal agents swooping down on Solyndra’s offices on the day of his big jobs-plan speech.  Happiness is never having to say you’re sorry, especially when you can throw some other guy in prison to cover for your own incompetence.

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