State Education: Money

Eventually, per Rothbard, the pols saw that leaving the marching minions holding promises instead of solid specie was a dream come true. But they did also realize that an honorable verbal promise was an oxymoron. Enter the written promise, aka the IOU, aka scrip, aka paper currency. The typical note promised exchange for the purported full amount in gold, not sooner than 1 year hence. Many of the veterans began to barter these slips of paper for those things for which they could not wait a year — things like food!

The Lament of the Merely Decent Economist

The first eye-opening moment for an attentive student in a good introduction-to-economics class occurs when that young man or woman learns to see – or learns to look for – that which remains invisible to most people. Such a student starts to search for the unseen jobs lost as a result of the ‘seen’ jobs created or protected by tariffs. He or she begins to understand that government-imposed prohibitions on the free movement of prices and wages have unseen consequences – invariably bad, and typically borne disproportionately by the very persons the prohibitions are ostensibly meant to help. The man-in-the-street has lots of wrong-headed ideas about economics.