
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.
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Air Date: 2026-03-03
In our introductory lecture, Dr. White delves into monetary theory by examining the fundamental question of whether m...
Air Date: 2026-03-03
In lecture two, we learn about the mechanics of a gold standard, focusing on how supply and demand for monetary gold ...
Air Date: 2026-03-03
In lecture three, we examine banks’ role in issuing money under a gold standard, explaining why people prefer banking...
Air Date: 2026-03-03
In lecture four, we explore fiat money—currency created by government decree rather than commodity backing—tracing it...
Air Date: 2026-03-03
In lecture five, we consider whether government intervention in monetary services improves public welfare, using conc...
Air Date: 2026-03-03
In lecture six, we analyze arguments for government involvement in banking, particularly the claim that unrestricted ...
Air Date: 2026-03-03
In lecture seven, we study the underlying causes of money growth and inflation, examining why central banks issue mor...
Air Date: 2026-03-03
In our eighth and final lecture, we discuss the challenges of maintaining sound money in a fiat monetary system and e...