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How Markets Work

5 Units   3H 45M
Parts
  • Introduction
  • The Price System
    • Lesson 1: The Invisible Hand
    • Lesson 2: Economic Choices
    • Lesson 3: Supply & Demand
  • Pre-Conditions for Wealth
    • Lesson 4: Property Rights
    • Lesson 5: Legal Institutions
    • Lesson 6: Virtue
  • The Entrepreneur
    • Lesson 7: The Entrepreneur
    • Lesson 8: The Knowledge Problem
    • Lesson 9: Spontaneous Order
  • Money
    • Lesson 10: The National Economy, Part 1
    • Lesson 11: The National Economy, Part 2
    • Lesson 12: Monetary Policy
  • Economic Growth
    • Lesson 13: Trade
    • Lesson 14: Poverty
    • Lesson 15: The Economic Future

Lesson 12 Lesson 12: Monetary Policy

Presented by: Dr. Tawni Ferrarini
Northern Michigan University

Playlist

  1. Sound Money and Monetary Policy, Part 1
  2. Sound Money and Monetary Policy, Part 2
  3. Sound Money and Monetary Policy, Part 4

Sound Money and Monetary Policy

You’ve probably heard the saying “money is the root of all evil.” It’s not true. Money is an instrument of exchange and the indispensable element of a prosperous society. Sound money stabilizes an economic system. It reduces uncertainty and encourages trust. Without it people disengage from economic activity and the economy suffers. People suffer. In this lesson we will explore why and how sound money is the root of human flourishing.

Lesson Twelve Quiz

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HMW Lesson 12: Monetary Policy

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Because money is used in virtually all economic transactions, it has a powerful effect on economic activity. The lesson that the history of money supply teaches is that to ignore the magnitude of money supply changes is to court monetary disaster.

Anna J. Schwartz

Learn More

h Video

Sound Money and Monetary Policy, Part 3 with Tawni Ferrarini

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h Video

The Impossible Trinity - 60 Second Adventures in Economics (The Open University)

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h Video

What is the Gold Standard? (Prof. Lawrence H. White with Learn Liberty)

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h PDF

Gwartney et al., Common Sense Economics, pp. 78-84

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h PDF

Ludwig von Mises, The Theory of Money and Credit, IV.21.1 - IV.21.48

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h PDF

Jeffrey A. Miron, “Should Policy Attempt to Avoid Financial Crises?” pp. 391-399

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h PDF

Anna J. Schwartz, “Money Supply,” The Concise Encyclopedia of Economics

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h PDF

Christina D. Romer, “Business Cycles,” The Concise Encyclopedia of Economics

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How Markets Work

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