The Function of Saving
Annals of the American Academy of Political and Social Science, Volume 17 (1901)
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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.
From The Review of Austrian Economics Vol. 8, No. 2, 1995.
From The Review of Austrian Economics Vol. 6, No. 1, 1992.