Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence.

- Carl Menger

Money is an indispensable tool for economic calculation, but the way in which a money originates is not always properly understood. Through the works of Carl Menger, Ludwig von Mises, and other Austrian economists, a comprehensive theory was formulated that took into account the nature of subjective values.

Today, Bitcoin perplexes and bewilders monetary theorists because of its radical departure from our standard conceptions of money. But instead of forcing us to abandon the Misesian approach to money, Bitcoin has helped us sharpen our analytical knives and gain a more abstract, praxeological answer to the questions of what money is and how it originates.

Join the Mises Circle and special guest Konrad S. Graf to discuss how Bitcoin pushes Austrian monetary theory into the 21st century. Graf has written numerous articles on Bitcoin monetary theory as well as Austrian legal theory.

Suggested reading: Konrad Graf’s “Bitcoins, the regression theorem, and that curious but unthreatening empirical world” (http://konradsgraf.com/blog1/2013/2/27/in-depth-bitcoins-the-regression-theorem-and-that-curious-bu.html)

When: Monday, September 23rd at 7pm CDT

Where: Garrison 2.112

Can’t join us in person? Tune in to the Google+ Hangout.

The Mises Circle is proceeding ever more boldly and electronically. Help us maintain our online presence, through our website and audio/visuals, by donating Bitcoin today.