Uploaded July 2026 | Updated September 2026, 2 weeks ago
2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of The Origins of the Federal Reserve through July 31. Grab yours today at mises.org/HAPodFree
Bob uses U.S. economic history, centering on the greenback era, to work through some subtle but important distinctions in Austrian monetary theory. He also addresses whether free-market economies have a natural tendency toward price deflation under a commodity standard, why the stock-versus-flow distinction matters for understanding gold production and the price level, and how to distinguish "bad" policy-induced monetary deflation from the "good" price deflation that accompanies genuine productivity growth.
Related:
Patrick Newman, "The Depression of 1873-1879: An Austrian Perspective": Mises.org/HAP558a
Clarence Long, "The Course of Money Wages during 1860-1890": Mises.org/HAP558b
Bob's Understanding Money Mechanics: Mises.org/HAP558c
Bob's Article, "Hayek’s Plan for Private Money": Mises.org/HAP558d
The Charts Shown in this Episode: Mises.org/HAP558e
0:00 Intro
0:13 The 1877 Railway Strike: Were Capitalists Just Greedy?
4:20 The Panic of 1873 and Austrian Business Cycle Theory
5:27 Greenbacks and the Civil War Price Surge
9:35 Post-War: Growing the Economy Into the Old Parity
17:24 Why Printing Money Causes Inflation When Taxes Don't
23:52 Real Wages vs. Nominal Wages: The Key Distinction
29:35 Mises on Peel's Act and Fractional Reserve Banking
31:00 Does a Hard Money Standard Produce Deflation?
39:17 The Stock vs. Flow Problem with Gold
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org.
X ► https://x.com/mises/
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Odysee ► odysee.com/@mises
Podcasts ► mises.org/podcasts
2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of The Origins of the Federal Reserve through July 31. Grab yours today at mises.org/HAPodFree
Bob uses U.S. economic history, centering on the greenback era, to work through some subtle but important distinctions in Austrian monetary theory. He also addresses whether free-market economies have a natural tendency toward price deflation under a commodity standard, why the stock-versus-flow distinction matters for understanding gold production and the price level, and how to distinguish "bad" policy-induced monetary deflation from the "good" price deflation that accompanies genuine productivity growth.
Related:
Patrick Newman, "The Depression of 1873-1879: An Austrian Perspective": Mises.org/HAP558a
Clarence Long, "The Course of Money Wages during 1860-1890": Mises.org/HAP558b
Bob's Understanding Money Mechanics: Mises.org/HAP558c
Bob's Article, "Hayek’s Plan for Private Money": Mises.org/HAP558d
The Charts Shown in this Episode: Mises.org/HAP558e
0:00 Intro
0:13 The 1877 Railway Strike: Were Capitalists Just Greedy?
4:20 The Panic of 1873 and Austrian Business Cycle Theory
5:27 Greenbacks and the Civil War Price Surge
9:35 Post-War: Growing the Economy Into the Old Parity
17:24 Why Printing Money Causes Inflation When Taxes Don't
23:52 Real Wages vs. Nominal Wages: The Key Distinction
29:35 Mises on Peel's Act and Fractional Reserve Banking
31:00 Does a Hard Money Standard Produce Deflation?
39:17 The Stock vs. Flow Problem with Gold
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org.
X ► https://x.com/mises/
Facebook ► facebook.com/mises.institute
Instagram ► instagram.com/misesinstitute
SoundCloud ► soundcloud.com/misesmedia
Apple Podcasts ► podcasts.apple.com/us/artist/mises-institute/1280664810
Rumble ► rumble.com/c/c-2212754
Odysee ► odysee.com/@mises
Podcasts ► mises.org/podcasts
