Listening through a lecture by Dr. Gary North on the Federal Reserve system, he dropped a valuable bit of advice on how to go about learning what in the world Austrian economic theorists are talking about when they gripe about the Fed.
First, he says we should take up Rothbard’s book “What Has the Government Done to our Money?”
This book presents a very sound argument for getting back to a gold currency standard – a hallmark of libertarian economic theory.
Then, he says to purchase Rothbard’s magnum opus: “Man, Economy, and State”. In it, he suggests we flip first to the infamous chapter on monetary theory, which, I’ve heard from numerous Austrian scholars, is the best, most articulate essay on the topic. Read that, to get a grasp of the issue.
After that, Dr. North suggests we take up Rothbard’s short book “The Case Against the Fed”.
If we sludge through all this, according to Dr. North, we should be well on our way to understanding Austrian Economic theory.