Monetary Theory
In Monetary Theory, a nine-hour course, Dr. Lawrence White explores the debate between market-based and government-controlled monetary systems, combining theory with historical evidence from gold standards to modern fiat currencies. We examine how money can emerge through market forces, the mechanics of fractional-reserve banking, and how central banks influence inflation. The course also addresses banking stability, market failure arguments, and the causes of inflation, including seigniorage. It concludes by evaluating monetary policy rules, inflation targeting, and alternatives like Bitcoin, and asks whether sound money requires commodity backing or if proper institutional design can achieve stability in fiat systems.
Episodes
In our introductory lecture, Dr. White delves into monetary theory by examining the fundamental question of whether markets or governments should prov...
In lecture two, we learn about the mechanics of a gold standard, focusing on how supply and demand for monetary gold determine money’s quantity and pu...
In lecture three, we examine banks’ role in issuing money under a gold standard, explaining why people prefer banking services to direct gold transact...
In lecture four, we explore fiat money—currency created by government decree rather than commodity backing—tracing its rise after wartime suspensions...
In lecture five, we consider whether government intervention in monetary services improves public welfare, using concepts like market failure and Pare...
In lecture six, we analyze arguments for government involvement in banking, particularly the claim that unrestricted banking is inherently unstable an...
In lecture seven, we study the underlying causes of money growth and inflation, examining why central banks issue more money than is consistent with s...
In our eighth and final lecture, we discuss the challenges of maintaining sound money in a fiat monetary system and examine potential solutions to pre...
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