Vernon Smith Prize for the advancement of Austrian Economics

Vernon Smith Prize for the advancement of Austrian Economics.

Capitalism and creative destruction.

Austrian vs. mainstream macroeconomics

Roger Garrison writes an excellent article about it in The Freeman.

Just one problem: he dismisses the Real Bills Doctrine as fallacious without bothering to explain why.

…the fallacious Real Bills Doctrine, which was written into the legislation that created the Federal Reserve System.

The Real Bills Doctrine by Adam Smith (not really loved by some Austrian school economists) was essentially different from the ideas that gave rise to the Fed.