The New Austrian Society: An Evolution of Money, Banking, and Economic Exchange

by Michael J. Hoffman

Monetarianism is the natural evolution of Austrian monetary theory. A new paradigm in Austrian economics is necessary. After successfully predicting the financial crisis of 2008, the Austrian school of economics saw a resurgence not seen since the 1970s, only to be extinguished with false predictions and flawed perspectives. Meanwhile, Modern Monetary Theory and Market Monetarism have taken the field of economics by storm in the last decade, while socialist ideas have left a tremendous impact on the socio-political mainstream. The New Austrian Society provides a sociological commentary on the culture of the Austrian school today, focusing on the theories, methods, and “stories” of these once highly-regarded economists. In addition, it includes a technical analysis of its short-comings on money, bank credit, and economic cycles, as well as a satirical caricature of the famous Ludwig von Mises Institute. A new perspective on money’s evolution is proposed in contrast to the “sound money” view of Austrians like Murray Rothbard and his followers. The book contains the
If a free market is to prevail, a proper framework is required to inform the public, academia, and politicians of how the economy is supposed to work. It is a society grounded in the Austrian paradigm, and must therefore begin within this tradition. With this provocative book, a new Austrian society is born.

361 pages, Paperback

Published March 9, 2022