How is Fiat Money Possible? or, The Devolution of Money and Credit
From The Review of Austrian Economics Vol. 7, No. 2, 1994.
From The Review of Austrian Economics Vol. 7, No. 2, 1994.
This paper examines what Austrian economists think about deflation and offers a critique of their views. This seems to be of particular importance because Austrians differ in their opinions about deflation,
Unknown PrecisionScan Adobe Acrobat 6.0 Paper Capture Plug-in
History of Political Economy, vol. 36, no. 2 (summer) 2004
From the Cato Journal, Vol. 19, No. 2, 1999.
Published in the Cato Journal Vol. 20, No. 3, Winter 2001.
Banks under a free-banking system, like banks with fractional reserves under any other system, are susceptible to runs. Free-banking theorists maintain that the option clause would be one effective means of dealing with runs on banks.
During the past decade a significant change has occurred in the kinds of questions explored by monetary economists. Heretofore, one of the central issues concerned the “rules versus discretion” debate of a central bank empowered monopolistically to supply base money.