Economist Robert Murphy joins the show to cover Rothbard's excellent treatment of money in Chapter 11 of Man, Economy, and State. Dr. Murphy and Jeff cover why "hoarding" money is socially beneficial; why the velocity of money (and the famous MV=PT equation) is a useless concept, and how new money in society is never neutral. How and why does money maintain purchasing power, and does the interest rate really show the "price" of money? Why do we want "hard" money anyway? This is the show you need to better understand Rothbard's landmark exposition of money in an Austrian framework. Use the code HAPOD for a discount on Man, Economy, and State from our bookstore: Mises.org/BuyMES. Man, Economy, and State: Mises.org/MES Hans-Hermann Hoppe on Hutt's "The Yield from Money Held": Mises.org/HoppeHutt Bob Murphy's Study Guide to Man, Economy, and State: Mises.org/StudyMES