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This is a question asked in review of Chapter 4: Prices and Consumption in the Man, State, and Economy with Power and Market study guide written by Robert Murphy. I started this topic to ask the question and see if my response was right and also to inquire to see if anyone knew of any place in which...
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In " Return to Honest Money " ( http://fofoa.blogspot.com/2011/05/return-to-honest-money.html ), blogger FOFOA discusses the idea of Freegold in the context of some writings from prominet Austrian School economists, focusing on Mises, Menger, Hayek, and in particular Mises' ideas regression...
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It seems to me that the imposition of the Euro - which was established as a purely fiat money - puts the regression theory in perspective and possibly refutes it. If «nothing can enter into the function of a medium of exchange which was not already previously an economic good to which people assigned...