Hayek’s Theory of Money and Cycles: Retrospective and Reappraisal
That Hayek’s work on money, investment, and business cycle theory should be misunderstood and misrepresented poses nothing new.
That Hayek’s work on money, investment, and business cycle theory should be misunderstood and misrepresented poses nothing new.
During the late nineteenth century, when silver agitation threatened the gold standard in the United States, gold bonds offered investors some protection from the uncertainties concerning the monetary standard in the United States.
Between 1830 and 1903, Sweden experienced one of the longest and most successful free-banking periods in history. During this period, private note issuing banks were allowed and prospered.
Almost all contemporary Austrian economists are united in their opposition to central banking and their advocacy of a system of free competitive banking.
Austrian monetary inflation theory claims that changes in the money supply are disproportionately distributed throughout an economy, and as a result wealth inequality is exacerbated.
The practice of fractional-reserve banking is the main factor responsible for the emergence and development of the central bank.
Complete with an extensive new preface, the republication of Larry Sechrest’s Free Banking is well-timed. The new preface is an important contribution to the ongoing debate within Austrian circles
This article will explore the economics of legal tender laws, arguing that they are not only a necessary prerequisite of paper money, but also bene
It is important that Austrians continue in their endeavor to convince colleagues, policymakers, and the public about the instabilities inherent to a fractional-reserve system.
The objective of this article is to present an extension of Garrison's captial-based macroeconomics" model. Garrison's objective was ― starting from a full employment equilibrium situation