Richard M Salsman

Dr. Salsman is president of InterMarket Forecasting, Inc., an assistant professor of political economy at Duke University and a senior fellow at the American Institute for Economic Research. Previously he was an economist at Wainwright Economics, Inc. and a banker at the Bank of New York and Citibank. Dr. Salsman has authored three books: Breaking the Banks: Central Banking Problems and Free Banking Solutions (AIER, 1990), Gold and Liberty (AIER, 1995), and The Political Economy of Public Debt: Three Centuries of Theory and Evidence (Edward Elgar Publishing, 2017). In 2021 his fourth book – Where Have all the Capitalist Gone? – will be published by the American Institute for Economic Research. He is also author of a dozen chapters and scores of articles. His work has appeared in the Georgetown Journal of Law and Public Policy, Reason Papers, the Wall Street Journal, the New York Times, Forbes, the Economist, the Financial Post, the Intellectual Activist, and The Objective Standard. Dr. Salsman earned his B.A. in economics from Bowdoin College (1981), his M.A. in economics from New York University (1988), and his Ph.D. in political economy from Duke University (2012). His personal website is richardsalsman.com.

Alexander Hamilton’s Liberalism: Distinguishing Fact and Myth

Hamilton is an Enlightened, classical liberal, a more consistent champion of rights and liberty than any other Founder, thus an inspiring model for contemporary friends of liberty.

The Multiyear Decline in US Economic Freedom

The Multiyear Decline in US Economic Freedom

Economic freedom in the world has plunged in recent years, due mainly to the interventions and fiscal-monetary profligacy associated with COVID shutdowns, mandates, and subsidies. The global measure is given in Figure One. This is a significant reversal of freedom’s...

Stocks and Bonds Hurt Alike Under Stagflation

Stocks and Bonds Hurt Alike Under Stagflation

When bonds and stocks decline a lot and simultaneously it suggests inflation is rising rapidly even as the economy is stagnating or contracting (or will soon do so). For most economists today, that combination is near-impossible.

A Tragic Half Century Without Gold Money

A Tragic Half Century Without Gold Money

The gold standard wasn’t suspended because it caused the Great Depression or bank failures, nor did it disappear in 1971 because it “didn’t work.” It’s been gone because fiscal alchemists couldn’t expand the gold supply as they expanded government.

Lots of New Money, But Still-Low Inflation. What Gives?

Lots of New Money, But Still-Low Inflation. What Gives?

Banks, businesses, and households tend not to hoard money in good times, or when they have confidence in the credibility and predictability of policymakers; they hoard in bad times, when they lack sufficient confidence. That is precisely the case today, even if officials won’t admit it.

Equity Performance Amid One-Party Rule in America

Equity Performance Amid One-Party Rule in America

If history (especially more recent history) is a guide, U.S. equity gains over the next two years of full Democratic control will be inferior, a result that is more probable given that the party is currently more anti-business, anti-profit, and anti-capitalist than at any other time since 1970.

When Reason is Out, Violence is In

When Reason is Out, Violence is In

What explains today’s bi-partisan violence? When reason is out, persuasion and peaceful assembly-protest also are out. What remains is emotionalism – and violence.

Ten Varieties of Anti-Capitalism

Ten Varieties of Anti-Capitalism

The ten varieties of anti-capitalism are anarchism, medievalism, nationalism, socialism, communism, fascism, populism, racism, environmentalism, and subjectivism.

Supposed “Varieties” of Capitalism

Supposed “Varieties” of Capitalism

Does capitalism exist in “varieties,” as scholars began to insist two decades ago, or is it a unique social system fundamentally unlike all others? If there is a “pure” form of capitalism, what alterations or transformations render it impure? How impure must it become before we should cease calling it capitalism and call it something else instead?

The Fallacy of “We”

The Fallacy of “We”

The “we fallacy” is ubiquitous, especially among professors, politicians, policy wonks, and pundits. The fallacy of “we” is a form of the fallacy argumentum ad populum or “appeal to the people,” to “popular opinion.”

Supply-Side Panglossians are Not Objective

Supply-Side Panglossians are Not Objective

Capitalism (and economic analysis) requires reason, not faith, facts, not what feels good. The supply side is the right side, but the Pollyannas must cease their bias and at least try becoming more objective. They must defend the right policies, not merely those imposed by politicians they deem to be in the right because they are on the right.

Freedom Is Indivisible, Which Is Why All Types Are Now Eroding

Freedom Is Indivisible, Which Is Why All Types Are Now Eroding

The point of the principle of indivisibility is to remind us that the various freedoms rise or fall together, even if with various lags, even if some freedom, for a time, seems to be rising as others fall; in whatever direction the freedoms move, eventually they tend to dovetail.

The Economy Needs Not Keynes or Kudlow But a Ventilator

The Economy Needs Not Keynes or Kudlow But a Ventilator

Today it’s no mystery why non-sober Keynesians like Paul Krugman might love the demand-side, anti-capitalist, Trump-Kudlow policy mix, or why Trump foes might eagerly insist that the economy remain closed, not to preserve the nation’s health but to dissipate its wealth (and the probability of Trump’s re-election). But why would Trump do this?  It seems politically suicidal.

Crisis, Leviathan, and the Odd Libertarian Sanction

Crisis, Leviathan, and the Odd Libertarian Sanction

Libertarians are right that the size, scope and power of government expand amid crises, but there’s no necessity to this, as they assume, and they have no remedy – even during crises – because they hate the state more than statism; but a new book takes a better approach.

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