Monetary Theory

As Paul Samuelson once put it: Adam Smith is dead and Keynes is dead; well—and Mises is dead, too. But Keynesianism is alive and well and back with a vengeance. 

Much has been written about the quantity of money and its effects on money’s purchasing power. However, changes in the quality of money have been widely neglected. 

There is no evidence in Hayek's published work that the notion of an end-state ever held any interest.  Across more than 60 years of original publications, Hayek's notion of equilibrium was well-defined, dynamic

It is pretty well established within Austrian economics that the optimum quantity of money is whatever level is established at any given time.

Don Bellante and Roger W. Garrison (1988) compared two alternative explanations of monetary dynamics: those based on a vertical long-run Phillips curve and those derived from analysis of Hayekian triangles. 

The present work is a doctoral dissertation written at the University of Hamburg. It deals with Mises’s work on monetary economics and business cycle theory. 

Adam Smith’s “invisible hand” sometimes works in such marvelously subtle ways that it remains nearly invisible even to economists

It is frequently maintained that “free trade” belongs to “free immigration” as “protectionism” does to “restricted immigration.” This is erroneous.

In describing Adam Smith’s acknowledgments as “neo-plagiarism” (Rashid, 1990), was trying to characterize a situation where a sch