Gary North

The Regression Theory as Conjectural History

Menger on the Origin of Money

Carl Menger’s last published work during his lifetime was an 1892 essay, “On the Origins of Money.” He introduced it by pointing out how odd it was in his era that the precious metals, gold and silver, were universally used as money. That coins should circulate widely seemed strange to investigators in his day.

David Howden

Expansionist Monetary Policies and the Trade Balance

Much conventional wisdom of modern international economics can be condensed into two statements:

1. currency depreciations improve a country’s trade balance, and

2. trade deficits cause currency depreciations.

Eduard Braun

The Subsistence Fund in Ludwig von Mises’s Explanation of the Business Cycle

In 1974 Friedrich von Hayek was awarded the Nobel Prize in Economics for his contributions to the circulation credit theory of the trade cycle. The first exposition of this theory goes back to the year 1912.

Nikolay Gertchev

The Inter-Bank Market in the Perspective of Fractional Reserve Banking

In view of the diversity and depth of the analytical contributions of the Theory of Money and Credit, modern Austrians rightly consider Ludwig von Mises as the monetary theorist of the twentieth century.

Philipp Bagus

Modern Business Cycle Theories in Light of the ABCT

Introduction

It was been one hundred years that Ludwig von Mises (1912) gave the world the first exposition of what has now come to be known as the Austrian business cycle theory (ABCT). Due to the recent financial and economic crisis dubbed as the Great Recession new interest in the ABCT from the media and the Internet has arisen (Masse 2008; Lawson 2008; Becker 2008).

Renaud Fillieule

The Monetary Theory of Current Textbooks in Light of The Theory of Money and Credit

The Theory of Money and Credit (thereafter: TMC) was published one century ago by a 31-year old Ludwig Mises, with a second edition in 1924. Today, this landmark treatise remains a must-read for anyone wishing to get acquainted with the Austrian monetary theory.

Thorsten Polleit

Mises’s Theory of Money and Credit: Arguments Against Central Banking

I.

Advanced Macroeconomics (Romer), 248

adverse clearing principle, 112–14

aggregate balance of payments, 181–83

aggregate demand shock, 101

Austrian business cycle theory, 122, 146, 159–61, 184–85, 193–206, 229–42, 289

Bagus, Philipp, xiv

bank cartelization, 210–15

bank of issue, 50–55, 137–39

bank notes, 7, 17–18, 30–31, 95–122, 130, 137–39

banking policy, 29–32

banking principle, 107, 132

Banking School, viii, x, xiii, 16–20, 117, 129, 131–61

Money,
Sound and Unsound