Money and Banking

Austrian business cycle theory has been criticized on the basis of “rational expectations.” That is, reasonably high quality entrepreneurs—which are required for economic growth

The practice of fractional-reserve banking is the main factor responsible for the emergence and development of the central bank. 

Free banking is a process where the market makes the ultimate judgment on where to draw the line between money as a present good and money as a future good.

Whether the current recovery will strengthen, which appears to be the prevailing consensus, or whether unforeseen events in the financial arena abort it prematurely, 

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. 

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 paper provides an empirical investigation of the role of monetary policy in the determination of interest rates and consumption as developed by capital-based macroeconomics

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 State applies itself to loading everybody’s brain with prejudices, and everybody’s heart with sentiments favorable to the spirit of anarchy, war, and hatred;

Comparative analysis, however, could reveal some broader principles by which reform proposals may be evaluated. This exercise might prove to be more valuable than arguments over which theoretical perspective