Monetary Central Planning and the State Audible Audiobook – Unabridged

Richard Ebeling (Author), Philip D. Moore (Narrator), Listen and Think Audio (Publisher)

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For over a decade now, the American economy has been on a rollercoaster - an economic boom between 2003 and 2008, followed by a severe economic downturn, and with a historically slow and weak recovery from 2009 until the present.

The recession of 2008-2009 had its origin in years of monetary mismanagement by the Federal Reserve System and misguided economic policies emanating from Washington, DC. For the five years between 2003 and 2008, the Federal Reserve flooded the financial markets with a huge amount of money, increasing the total amount in the economy by 50 percent or more by some measures.

Many of the rationales for this "activist" monetary and fiscal policy emerged and took form under the cover of the emerging Keynesian revolution as first presented by British economist John Maynard Keynes. Monetary Central Planning and the State offers a detailed critique of the fundamental premises of Keynesian economics, and why its policy prescriptions in fact lead to the very boom-bust cycle the Keynesians claim to want to prevent.

This book also explains a powerful alternative theory of money and the business cycle, called "Austrian economics".

This is the pathway to finally ending the cycles of booms and busts, and creating a market-based institutional framework for sustainable economic growth and betterment.

It is time for monetary freedom to replace the out-of-date belief in government monetary central planning.

Listening Length

9 hours and 52 minutes
Author

Richard Ebeling
Narrator

Philip D. Moore
Audible release date

July 1, 2016
Language

English
Publisher

Listen and Think Audio
ASIN

B01HSEO36C
Version

Unabridged
Program Type

Audiobook
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Product details

Listening Length	9 hours and 52 minutes
Author	Richard Ebeling
Narrator	Philip D. Moore
Whispersync for Voice	Ready
Audible.com Release Date	July 01, 2016
Publisher	Listen and Think Audio
Program Type	Audiobook
Version	Unabridged
Language	English
ASIN	B01HSEO36C
Best Sellers Rank	#373,524 in Audible Books & Originals (See Top 100 in Audible Books & Originals) #273 in Economic Theory (Audible Books & Originals) #1,915 in Political Freedom & Security #2,150 in Political Freedom (Books)

Customer reviews

4.4 out of 5

36 global ratings

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4 star		24%
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1 star		5%

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Warren C. Gibson

A sweeping yet accessible tour of monetary economics

Reviewed in the United States 🇺🇸 on February 11, 2017

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I expected a lot from this book and my expectations were exceeded. Where to begin?

I'll begin with the style, which is very clear and direct, while demanding full attention to chains of reasoning that can be complex and lengthy. In this respect, he follows in the footsteps of Frank Taussig, who prefaced his 1911 text with "I have done my best to be clear ... but have made no vain pretense of simplifying all things." There are no equations, but occasional numerical examples are helpful.

Prof. Ebeling shows extensive knowledge of all the major schools of thought in monetary economics and their principal proponents. His is the best brief dissection of Keynes that I have ever read. He rightly praises Milton Friedman for advancing the cause of liberty while regretting Friedman's blindness to market-based money. He compares Friedman's analysis of the Great Depression (allowing the M2 money supply to fall too far) with the Austrian analysis that blames government interference with downward adjustment of wages and prices. He explains why a stable price level is not always a good thing, as in the 1920s when prices should have fallen due to soaring levels of innovation and productivity but were instead propped up by Fed policies that distorted markets and produced an unsustainable financial boom. He addresses the dispute within the Austrian community as to whether fractional-reserve banking is fraud. He sensibly concludes that it is not, so long as there is full disclosure.

There is a great deal more I could add, but I will summarize: readers of almost any background from economics novice to expert should be rewarded handsomely for their reading. Because money is the heart of economics, mastery of this topic is the necessary foundation for understanding where we are now and where we could go. (Will someone please get a copy to Janet Yellin?)

The text was published in installments online, which is probably the reason for occasional repetitions. But this is a very minor quibble. I would compare this book favorably with Rothbard's "What Has Government Done to Out Money?" which was my favorite introductory money book until now.

One person found this helpful

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Philemon

Modern examples are worse: hyperinflation of the Weimar Republic

Reviewed in the United States 🇺🇸 on March 16, 2016

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Ebeling's arguments against today's "Modern Monetary Theorists" (or neo-Keynesians) include the reasoning of Austrian-school economists, but also the lessons of history. Past attempts to recover from deep economic declines by printing unbacked paper money (or minting base metal coins) have always failed. Look at ancient Rome under Emperor Domitian, France under King Louis XV's regent, the Duke of Orleans, our own American colonies issuing bills of credit before and during the Revolution. Modern examples are worse: hyperinflation of the Weimar Republic, numerous others during the 20th century, and of present-day Venezuela, where inflation is expected to exceed 700% this year.

Ebeling calls for ending the government monopoly of issuing currency, repealing the Federal Reserve Act and all national banking regulations. He does not mention that no power was ever granted the Congress for these laws in the first place, but such details matter little today. What would replace today's monetary chaos? Free banking, with some sort of gold standard. The problem is, that's where we started from.

7 people found this helpful

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Michael J. South

One of the best introductions to the Austrian school of economics that I've ever seen, and I've seen a lot.

Reviewed in the United States 🇺🇸 on December 4, 2016

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I got a free copy of this (kindle edition) during a limited time offer from FEE.org . I have read a lot of exposition of what is known in the field as Austrian school economics, and this book is outstanding. Economics is a field with a rich, but, to the layman, confusing jargon. Terms like "moral hazard", "comparative advantage", and "opportunity cost" are powerful because they summarize an entire logical argument in a couple of words. If you know what they mean it makes it much easier to communicate your arguments to each other. Ebeling does a great job of keeping the flow of the argument in reach of mere mortals who do not have extensive economics training. I highly recommend this to anyone who wants to get an understanding of what this school of economic thought teaches.

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Eric H

Absolute Best Primer on Monetary Policy & Austrian Business Cycle Theory

Reviewed in the United States 🇺🇸 on December 30, 2015

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I've been a huge fan of this work since it was just a series of articles posted on the Internet. The compilation into an ebook makes this extremely accessible writing even more accessible.

Richard Ebeling does an amazing job of compiling and distilling an explanation of the primary issues surrounding monetary central planning and the business cycle. He attacks the issue at a high enough level to help the reader understand the big picture, and gives enough context to facilitate further reading for those wanting to dig deeper.

If you're wanting an introduction to Austrian economics, look no further; this is it!

5 people found this helpful

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Kindle Customer

A compelling treatise on free banking

Reviewed in the United States 🇺🇸 on August 9, 2017

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Richard Ebeling outlines in clear, easily understandable language why the state's monopoly on currency is the cause of inflation and recession and makes his case most compellingly in describing Keynes' theory of money and its disastrous influence on western banking. An excellent overview and introduction to the Austrian school of economics.

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Michael H. Denyer

worth your time

Reviewed in the United States 🇺🇸 on April 19, 2016

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Along with thumbnail introductions to Austrian theory of money, capital, and markets, Ebeling incisively explores banking and government interventions into economy. Fallacies topple right and left. This books is an important part of education in political economy.

3 people found this helpful

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Nama

Four Stars

Reviewed in the United States 🇺🇸 on February 4, 2016

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Very informative

One person found this helpful

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James Bovard

Lucid explanation of damn rascality

Reviewed in the United States 🇺🇸 on December 10, 2016

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Another excellent book from Richard Ebeling - one of the most eloquent economists in the biz nowadays.

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Top reviews from other countries

Extremely relevant to current events

Reviewed in the United Kingdom 🇬🇧 on August 17, 2020

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This book should be read widely by anyone with an intelligent interest or concern about current government behaviour in the Western world.

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Monetary Central Planning and the State Audible Audiobook – Unabridged

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